Forex Daily Outlook – July 23, 2018

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Published: Jul 23, 2018, 07:56 UTC

EUR/USD The Euro initially drifted lower during the Friday's session, testing the support around the 1.1650 level. But as the tweet by US President Trump

EUR/USD

The Euro initially drifted lower during the Friday’s session, testing the support around the 1.1650 level. But as the tweet by US President Trump hit the market alleging EU and other nations of keeping its currency value lower, which is resulting in a stronger dollar, the market spiked higher. The market is trading above the 1.17 level without any much resistance, but it is believed that 1.1750 level will be the real test for the pair. …Read More

GBP/USD

The British Pound rallied significantly during the Friday’s session after the tweet by Donald J Trump mentioning how USD was being unfairly strengthened. The pair reached towards the 1.3075 level but is likely to face a lot of noise, as the 1.31 level above is a massive resistance level and will be difficult to break above. It is expected that the 1.30 level underneath will provide hard support to the market. …Read More

AUD/USD

The AUD jumped in the Friday’s session using the 0.7325 level as support after the tweet by the US President. The market is getting a lot of interest around the 0.7350 level and is likely that the bullish momentum will continue in the short term. A break above 0.74 level will help the market to reach towards the 0.75 level and above. …Read More

USD/JPY

The USD lost a significant part of bullish momentum on Friday’s session after the tweet by the US President alleging how other countries in the world are keeping their currencies cheap against USD. The pair sliced through the 112 level in the Friday’s session and now is likely to reach towards the 111.50 and 111 level eventually. Given enough time, the market is expected to resume its rally again with a target of 114.50 level. …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.