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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – February 12, 2018

Colin First
The dollar has been on the backfoot through the course of the week and is set to close the week in the same manner

EUR/USD

The pair went back and forth during the Friday’s session as the market is still indecisive on the direction of the market. The long-term aspect of the market is still bullish and on the weekly chart, there is a nice uptrend in the market which is keeping this market positive and until it breaks below this uptrend the market will attract buyers. Underneath, the 1.22 level is going to be massively supportive extending up to 1.21 level where buyers are likely to get involved and if it breaks above the 1.23 level, the pair should probably go higher towards the 1.24 and 1.25 level. …Read More

GBP/USD

The British Pound pulled back during the Friday’s session reaching towards as the market got scared after news report of British negotiators willing to step away from the Brexit negotiations. And, technically also this market has now rallied extensively and the pullback was necessary. The pair has massive support at the 1.3650 level which is unlikely to be broken and also will attract a lot of traders to take this market higher. …Read More

AUD/USD

The AUD rallied a bit during the Friday’s session breaking above the 0.78 level as the market is trying to find some amount of buying pressure as the gold markets will have a massive influence this market. If this market breaks above the 0.7850 level, then it will be ready to go much higher possibly towards the 0.80 level. The market will continue to be noisy as it moves higher and unless it breaks towards 0.81 level, the market will experience volatility. …Read More

USD/JPY

The pair is initially rallied higher during the Friday’s session but got enough resistance above and dropped again. The pair is massive supportive near the 108.50 level extending up to 107.50 level and a break could be very negative for the market which will then push the market towards 105 level. Right now, the market has been consolidating for quite some time now which is a positive and also could witness breaking towards the higher level. …Read More

This article was originally posted on FX Empire

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