EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – August 21, 2017
EUR/USD
The market is still on a consolidation mode, slightly rallied on Friday’s trade session without any major movements. The pair has tested the key support level of 1.17 couple of times and has successfully retained the level in past couple of session. The hammer candle stick pattern from the lower level indicating an uptrend. The pair is looking to make a move towards the 1.19 level, which is resistance zone. The weak dollar and mixed signals from ECB on quantitative easing will affect the market. …Read More
GBP/USD
The pair initially tried to rally but in the absence of any strong momentum, it fell back near the opening levels. The market has built a strong base around the 1.2850 level and is probably looking for the trigger to make an upside movement towards 1.30 level. Looking ahead, volatility will be the mainstay in the market. If it breaks below the 1.28 level, the market will be in the grip of sellers and move down the prices toward the 1.27 to 1.25 level. …Read More
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AUD/USD
The AUD rallied against the USD, breaking above the 0.79 level on Friday’s session. The breakout above the 0.79 level is seen as a bullish sign, which will categorically send the market higher towards the 0.80 level. The sell off in the USD will provide support to the both the pair and gold market which has a clear influence on the market. The significance of 0.80 level on the longer term chart, will make the pair to test the level few times before breaking into. The pair has retraced around 61 percent from the higher level and seeing support in Fibonacci retracement indicator. Buying on dips will be the right strategy to play this market. …Read More
USD/JPY
The pair broke the important 110 level and made a huge downward fall during the Friday’s session. The traders are a bit doubtful on the strength of the dollar, which is acting as negative for the pair. Looking ahead, the market is looking for a significant amount of support near the 108 level, and if it breaks below that level then it will go towards the 105 level underneath. Any short term rally in the market will be viewed as a selling opportunity. …Read More