Forex Daily Outlook – June 21, 2018

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Published: Jun 21, 2018, 09:33 UTC

EUR/USD The pair traded on a choppy note during the Wednesday's session initially tried to move higher but pulled back. The market seems to be trying to

EUR/USD

The pair traded on a choppy note during the Wednesday’s session initially tried to move higher but pulled back. The market seems to be trying to form a base around the 1.1550 level using the strong support level at 1.15 level. The market is expected to hold this region as it was a huge resistive level in the past and breaking out was, of course, a major event. The market will remain volatile as the trade tensions continue which will affect this market. …Read More

GBP/USD

The British Pound moved slightly against the dollar in the yesterday’s testing the 1.32 level underneath for support. The market is expected to continue choppy around the region until it breaks above the 1.33 level which will attract significant buyers interest. In the short term, the market continues to be “sell on rallies” with 1.30 level continues to offer strong support. …Read More

AUD/USD

The AUD had a rough session during the yesterday’s session breaking below the 0.75 level which is a negative development. Generally, AUD is linked to Asian countries and is a major exporter of commodities to China. The current trade war will have a negative impact on the pricing of the AUD. However, the 0.7350 level underneath continues to offer strong structural support and might bounce from there. …Read More

USD/JPY

The pair moved back and forth during the Wednesday’s session but the 110 level around attracted a lot of interest. The long-term overview of the market remains positive with widening interest rate differential. Also, in the daily chart, it has formed a golden cross, an extremely bullish setup. A break above 111 level will further send this market higher towards the 112.50 level and 114 level eventually. …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.