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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – December 7, 2017

Colin First
EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – December 7, 2017

EUR/USD

The market initially went higher during the yesterday’s session then rolled off significantly to break the 1.18 level underneath. This could lead the market to fall further towards the 1.17 level underneath. The immediate support for the pair is at 1.1775 level. Right now, there is a lot of noise in the market related to passage of US tax reform bill and the Brexit which is making this market volatile. The overall attitude of this market is fairly bullish and pullbacks are good opportunity to enter this market until it goes below the 1.17 level. …Read More

GBP/USD

The British pound fell during the day on Wednesday reaching towards the 1.3333 which is an important level and continues to offer support to this market. The 1.35 level is going to be massively resistive and break above there will send the market higher towards the 1.3650 level. If this market breaks down below the 1.3333 level then this market will slip further. Going ahead, the market will remain volatile because of the negotiations related to Brexit gathered pace and more clarity emerges. …Read More

AUD/USD

The market was extremely negative during the Wednesday’s session as it broke lower to test the 0.7550 level. The bearish slide in the market will help the market to go lower towards the 0.75 level and if it breaks from here then next target will be 0.7350 level. The gold prices have also broken off significantly which is affecting this market. Any short-term rallies will attract the sellers to short this market. …Read More

USD/JPY

The pair initially fell lower reaching the 112 level in yesterday’s session but then found enough strength to move higher later in the day. The market seems to build up momentum in yesterday’s session to go higher towards the 114.50 level which is a massive resistance zone. The pullbacks in the market will attract the buyers to take this market further higher. Going forward, the market is looking for the tone of language on rate hikes from both central banks which will serve as a basis for this market to move. …Read More

This article was originally posted on FX Empire

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