Forex Daily Outlook – July 17, 2018

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Published: Jul 17, 2018, 08:15 UTC

EUR/USD The market started the week with a bullish note, as the pair broke above the 1.17 level, reaching towards 1.1725 level. The market witnessed some

EUR/USD

The market started the week with a bullish note, as the pair broke above the 1.17 level, reaching towards 1.1725 level. The market witnessed some pullback at the end of the session, but that was expected after the significant rally. The 1.1675 level underneath is going to provide immediate support to the market, and will also find enough demand. Break above 1.1750 level will send the pair towards the 1.1850 level, which is the top of longer-term consolidation. …Read More

GBP/USD

The British Pound shot higher during the Monday’s session reaching towards the 1.33 level but got enough resistance to fell slightly lower. If the market succeeds to break above 1.33 level, perhaps it will be reaching towards the 1.3350 level. The market is likely to experience significant noise around this area and may pull back a little before moving higher again. …Read More

AUD/USD

The market rallied a bit during the Friday’s session reaching towards the 0.7450 level, as it found enough buyers to take the market forward. Going ahead, the market is likely to witness a lot of noise as there are few strong resistance ahead around the 0.75 level. Immediate support for the market is placed at 0.74 and 0.7350 level. Also, the gold prices will have maximum influence on the pricing of the AUD going ahead. …Read More

USD/JPY

The pair initially gapped lower during the Monday’s session but filled the gap as the day progressed slamming into the 112.50 level. This area has been very important in the long-term chart, as it will provide enough support to continue higher. The longer-term attitude of the market is likely to remain bullish on the back widening interest rate differentials between both economies. If the market further breaks from here, 112 level next will provide important support and also will attract buyers. …Read More

About the Author

Colin Firstauthor

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.