Forex Daily Outlook – July 19, 2018

Colin First
S & P 500 daily chart, July 11, 2018

EUR/USD

The pair rolled over significantly during the Wednesday’s session reaching down to 1.16 level as the USD continues to gain strength. With general risk-off attitude, the market is testing the key support level and if it breaks further, then next immediate support in the market will be at 1.1580 level. The market continues to look bearish and experiencing significant selling pressure. If the market succeeds to break above 1.1650 area, then it will be positive for the market. …Read More

GBP/USD

The British Pound continued to experience massive selling around the 1.31 level on the Wednesday’s session, reaching down to the 1.30 level. In the longer term chart, this level has been an important support level and has been tested well in the past. The market is likely to get a bounce from here and if it fails to hold this level, then it will be an extremely negative development and will lead to the further breakdown. …Read More

AUD/USD

The AUD crashed during the Wednesday’s session reaching down to the 0.7350 level, an area which is massively supportive. The market is likely to hold this area and if it breaks down from here, then it can reach down towards the 0.73 and 0.7250 level. Going forward, the market is likely to remain noisy as due to the risk-off attitude in the market. …Read More

USD/JPY

The USD rallied significantly during the yesterday’s session reaching towards the 113 level, only to roll back later in the day. The market will continue to experience a lot of buying pressure as the USD continues to outperform against all major currencies. Pullbacks will continue to offer a nice buying opportunity and in any case, if it breaks below the 112 level, then the bullish momentum will get affected. …Read More

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