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Forex Daily Outlook – July 12, 2018

Colin First
Forex Daily Outlook – July 12, 2018

EUR/USD

Euro went down significantly in the Wednesday’s session reaching down towards the 1.17 level before rallying again. The market in the short term is likely to continue volatile as confusion relating to the rate hike by ECB remains. If the market further breaks down from here, then the market will unwind rapidly towards the 1.1650 level and 1.16 level eventually. …Read More

GBP/USD

The pair had a choppy session during the yesterday’s session, initially trying to rally during the day but found enough resistance to turn around and fall towards the 1.3225 level. The market is affected by the political turmoil inside Britain which is going to affect the currency in the short term. The 1.32 level underneath offers plenty of support and the market ahead is likely to trade in a range bound fashion. …Read More

AUD/USD

The AUD fell hard during the yesterday’s session slicing through the 0.74 level which is a negative development. The fall in the market is likely due to the new round of tariffs being imposed by Americans of $200 billion Chinese goods. The market in the short term is likely to continue weak and is likely to test the 0.7350 level for support which extends down to 0.72 level. …Read More

USD/JPY

The pair rallied significantly during the yesterday’s session reaching towards the 111.25 level, an area which has offered resistance in the last 24 hrs. The market here is trying to build up significant momentum to break above there which could lead to market going further higher. Going ahead, the market is expected to maintain the bullish momentum and pullbacks will offer a good opportunity to pick this market cheap. …Read More

This article was originally posted on FX Empire

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