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

Colin First
EUR/USD The market was overall negative during the day on Monday, rolling towards the previous lows it has made a couple of days before. The pair will face enough resistance to move higher as the 1.17 level is the neckline of the head and shoulders pattern on the daily chart which is massively resistive. Going … Continue reading EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – November 7, 2017

EUR/USD

The market was overall negative during the day on Monday, rolling towards the previous lows it has made a couple of days before. The pair will face enough resistance to move higher as the 1.17 level is the neckline of the head and shoulders pattern on the daily chart which is massively resistive. Going forward, rallies in the market will continue to offer selling opportunities and now the market is looking towards the 1.13 level underneath as its immediate target. Alternatively, a break above 1.17 level at daily close will help the market to negate some of the negative news. …Read More

GBP/USD

The British Pound showed some amount of strength in yesterday’s session as it reached above the 1.3050 levels. The area underneath is seen as the bottom of recent consolidation and the market is expected to get some amount of bounce. If the market rallies from here and successfully break above the 1.3250 level then buyers will take this market further higher. Ultimately, the 1.30 level underneath will provide an important support to this market. …Read More

AUD/USD

The AUD traded on a bit positive during Monday’s session, breaking above the 24-hour exponential moving average. The pair got enough support near the 0.7640 level to show some strength. Going forward, the 0.77 level will be a massive resistance zone extending up to 0.7750 level. Alternatively, if this market break down below the 0.7625 level, then sellers will get involved in this market more aggressively and take it down towards the 0.75 handle eventually. …Read More

USD/JPY

The market initially rallied above the 114.50 level in yesterday’s session but then rolled over to close around its open level. This resistance in the market extends up to the 115 level and a break would a major event. The interest rate differential is currently favouring the USD to rally higher against the yen. Right now, it is believed that the 114 level will provide short-term support to this market and eventually 113 will act as floor to this market. …Read More

This article was originally posted on FX Empire

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