EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – January 16, 2018
EUR/USD
The pair broke above the 1.2275 level during the yesterday’s session and reached towards the 1.23 level. The market has turned extremely bullish in the last two sessions and any pullback will offer value that can be taken advantage of. The market is possibly going to towards the 1.24 level and eventually 1.25 level next. The 1.21 level and 1.20 level is going to be the major support zone of the pair. Going ahead, the plummeting dollar will favour the Euro to rise higher. …Read More
GBP/USD
The pair shot higher significantly during the Monday’s session reaching towards the 1.38 level. It is believed that 1.3740 level underneath is going to provide support and given enough time the pair will cross 1.38 level and eventually 1.40 level next which is the major resistance point. Going ahead, the continued weakness in the US dollar will be the major cause for this market to rise. …Read More
AUD/USD
The AUD rallied significantly during the Monday’s session reaching the 0.7950 level. But the 0.80 level is going to be a significant barrier for the market to cross above as it is a very important level in the long-term charts. A break above will be a very positive sign and will be a buy and hold scenario in the market. The market from here will be very noisy and volatile as it moves forward. The gold prices and the weakened dollar is supporting this market to rally higher. …Read More
USD/JPY
The pair tumbled on weak US dollar and drifted below 111 level and reached towards the 110.50 level. The market is getting some amount of support around this level which extends down to the 110 level which is also the 61.8% Fibonacci retracement level from the longer-term. The recent major underperformance of USD against major currencies, it is likely that the pair will break below the 110 level. Going forward, the pair will very volatile and selling short-term rallies is more desirable until it breaks above 111.70 level. …Read More
This article was originally posted on FX Empire