Forex Daily Outlook – July 20, 2018
EUR/USD
The market initially rallied higher towards the 1.1650 level but rolled down to break through the 1.16 level in the Thursday’s session. Later in the day, it reclaimed the level to continue moving higher. If the market failed to cross above the 1.16 level then it would have unwinded rapidly towards the 1.15 level in the next few sessions and that would have been very negative sign for the Euro. The market now is likely to trade in a range bound manner between 1.16 and 1.17 level. …Read More
GBP/USD
The British Pound broke off significantly during the Thursday’s session, slicing through the 1.30 level showing signs of extreme negativity. The developments surrounding the Brexit is hammering the British Pound and in the short term, it is likely that the market will break further with sell on rallies strategy. Going forward, the 1.30 level on the top will now be a major resistance level. …Read More
AUD/USD
The AUD crashed further in the yesterday’s session as it continues to experience selling pressure. Selling in all the major currencies especially the Chinese Yuan, which the AUD tends to follow closely is affecting this market. The 0.73 level underneath continues to be one of the important support levels and if it breaks further then next support will be at 0.72 and 0.70 level. …Read More
USD/JPY
The USD rallied significantly during the yesterday’s session reaching above the 113 level. Given the strength in the USD against all the major currencies, the bullish sentiment in the market is likely to prevail. At this moment, pullbacks will continue to be a nice buying opportunity and will remain volatile. The market from here is likely to target for the 114.50 level with supports at 112.50 and 112 level underneath. …Read More
This article was originally posted on FX Empire
More From FXEMPIRE:
Price of Gold Fundamental Weekly Forecast – Plunge in Dollar Could Be Catalyst for Price Surge
Trump Wants a Strong US Dollar but Not Too Strong; Trade War Escalates
What are ILP’s (Initial Loan Procurements) and How Does it Work?
Stocks Lower as Trump Threatens to Go All in on Tariffs Against China
AUD/USD Forex Technical Analysis – Move Through .7484 Changes Minor Trend to Up