Forex Daily Outlook – July 20, 2018

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Published: Jul 20, 2018, 06:54 UTC

EUR/USD The market initially rallied higher towards the 1.1650 level but rolled down to break through the 1.16 level in the Thursday's session. Later in

EUR/USD

The market initially rallied higher towards the 1.1650 level but rolled down to break through the 1.16 level in the Thursday’s session. Later in the day, it reclaimed the level to continue moving higher. If the market failed to cross above the 1.16 level then it would have unwinded rapidly towards the 1.15 level in the next few sessions and that would have been very negative sign for the Euro. The market now is likely to trade in a range bound manner between 1.16 and 1.17 level. …Read More

GBP/USD

The British Pound broke off significantly during the Thursday’s session, slicing through the 1.30 level showing signs of extreme negativity. The developments surrounding the Brexit is hammering the British Pound and in the short term, it is likely that the market will break further with sell on rallies strategy. Going forward, the 1.30 level on the top will now be a major resistance level. …Read More

AUD/USD

The AUD crashed further in the yesterday’s session as it continues to experience selling pressure. Selling in all the major currencies especially the Chinese Yuan, which the AUD tends to follow closely is affecting this market. The 0.73 level underneath continues to be one of the important support levels and if it breaks further then next support will be at 0.72 and 0.70 level. …Read More

USD/JPY

The USD rallied significantly during the yesterday’s session reaching above the 113 level. Given the strength in the USD against all the major currencies, the bullish sentiment in the market is likely to prevail. At this moment, pullbacks will continue to be a nice buying opportunity and will remain volatile. The market from here is likely to target for the 114.50 level with supports at 112.50 and 112 level underneath. …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.