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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – December 12, 2017

Colin First
Updated
EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – December 12, 2017

EUR/USD

The pair rallied significantly during the yesterday’s session towards the 1.18 level but is likely to face resistance going higher. A break above the 1.1825 level should send this market further higher towards the 1.1870 level. Effectively this market will continue to be volatile in today’s session as the outcome of FOMC meeting on rate hike will come on Wednesday. If the statement from FOMC comes little hawkish, then this market will rally further towards the 1.20 level, and then eventually at 1.21 level. …Read More

GBP/USD

The British pound initially tried to rally against the USD on Monday’s session but got enough resistance to fall lower. The 1.3333 level underneath is going to be an important level for this market, and the buyers are likely to enter this marketplace with an initial target of 1.35 level. The market continues to be choppy as the market is lot more concerned about how the economy will perform after leaving the EU. A break below the 1.333 level will effectively take this market much lower towards the 1.32 level. …Read More

AUD/USD

The market rallied a bit during the Monday’s session as it reached the 0.7550 level. The 0.75 level is providing an important support to this market and if it breaks down below this level then it will only accelerate downside movement in the market. The overall momentum of the market still continues to be negative and a hawkish outcome from Fed meeting this Wednesday will effectively send much lower towards the 0.7250 level. The lack of support from gold market is also underperforming this market. Any rallies in the market will be immediately sold off until any postive breakthrough hits the market. …Read More

USD/JPY

The pair drifted a little lower from its high point in yesterday’s session but continued to find support near the 113 level which it has broken above with significant momentum. The pair is likely to hover around the region before the outcome of FOMC meeting on Wednesday. A favourable outcome will send this market towards the 114.50 level. Volatility will be the mainstay of this market and any short-term pullback in the market should offer a nice buying opportunity. The 112 level will be the floor of this market. …Read More

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This article was originally posted on FX Empire

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