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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – November 9, 2017

Colin First
Euro Whipsaws The euro has been in the spotlight today as the failure of Merkel to form a coalition in Germany has had a tough effect on the euro so far. The euro fell early during the Asian session only to recover during the London session to reach the 1.18 region once again. It has … Continue reading Market Snapshot – German Troubles Dominate Markets

EUR/USD

The pair traded on a sideways direction through the day on Wednesday hovering around the 1.16 level. The bearish pressure in the market is likely to continue until it successfully closes above the 1.17 level. The US dollar index is breaking out an inverse head and shoulder, which is directly negative to this pair. Essentially, the market will find its support at 1.13 level. Right now, any short-term rally in the market will be an excellent selling opportunity. …Read More

GBP/USD

The British Pound fell significantly during the day on Wednesday, reaching down towards the 1.31 level. The pair has a good support extending down towards the 1.30 level which should continue to offer bit of a floor in the market. Given the market condition, it will able to get buyers in the general vicinity which will help it get past the 1.3250 level which is the initial target for this market. Going forward, the market will be quite volatile as there is a lot of noise concerning the United Kindom’s economic situation and Brexit issues. …Read More

AUD/USD

The AUD initially rallied during the Wednesday’s session but got enough resistance at the downtrend line on the one hourly chart. This will essentially pull down this market down towards the 0.7630 level. If it breaks down below this level, then it will go towards the 0.76 and 0.75 level eventually. The market needs to clear the 0.7725 level to continue moving higher. Going forward, the AUD will continue to remain weak against the USD and will trade with volatility. …Read More

USD/JPY

The USD pulled down a bit during the Wednesday’s trade session breaking down towards the 113.40 level. The pair is now facing resistance around the 24-hour exponential moving average. The market is facing some amount of exhaustion and it is expected to reach down the 113 level in near future. This pullback in the market will help to build momentum which will ultimately help to clear the 114.50 level which is massively resistive. …Read More

This article was originally posted on FX Empire

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