Forex Daily Outlook – July 18, 2018

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Published: Jul 18, 2018, 08:14 UTC

EUR/USD The market rallied during the Tuesday's session reaching towards the 1.1750 level before rolling over significantly to 1.17 level. The market in

EUR/USD

The market rallied during the Tuesday’s session reaching towards the 1.1750 level before rolling over significantly to 1.17 level. The market in the present scenario is going to be extremely noisy as the Brexit negotiations and strength in USD will keep the market under pressure. In the longer term, the 1.18 level and 1.1850 level is going to be strong resistance for the market and underneath 1.16 and 1.15 level will be the strong support point. …Read More

GBP/USD

The British Pound was initially sideways but fell mid-day on Tuesday, slicing through the 1.32 level. The market is likely to experience strong support at the 1.31 level but right now the overall momentum of the market has turned negative. The market will remain under pressure as the Brexit negotiations gathered pace and fall in Tuesday’s session is likely due to an indication that the UK is going to leave EU customs union without a deal. …Read More

AUD/USD

The AUD fell hard during the yesterday’s session reaching down to test the 0.74 level as support. This level has been providing important support to the market recently. Going ahead, the AUD is likely to trade in a range bound manner between the 0.74 and 0.75 level, with the upper level acting as a strong resistance point. The market will continue to remain extremely noise on the back of global macro developments. …Read More

USD/JPY

The USD was initially sideways in Tuesday’s session, but later in the day, it gained enough momentum to move slightly higher reaching towards the 112.50 level. The level has attracted a lot of attention in the past and once the market breaks above this area, then fresh new buyers are likely to enter the market. The 112 level underneath is now going to offer strong support to the market. …Read More

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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.