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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – October 12, 2017

Colin First
Bitcoin futures begin trading at the CBOE as central banks line up announcements this week

EUR/USD

The market initially went in a sideways direction but then rallied towards the 1.1850 level during the Tuesday’s session. Being a minor resistance zone, the pair is expected to get a pullback underneath before the rally starts again. It has a strong support base at the 1.18 level and the 24-hour exponential moving average on the chart has shown quite a bit of resiliency as support. Going ahead, the dovish outlook from the FOMC meeting minutes and the prevailing strong momentum will help the market to go higher towards the 1.20 level. …Read More

GBP/USD

The pair moved in a sideways direction throughout the day on Wednesday hovering around the 1.32 level. The market is expected to remain volatile and consolidate around this level as it goes forward. In the long-term, the strong momentum will help the market to go higher towards the 1.3650 level using the current support level of 1.32. The market will remain choppy as the market is going through lot of noise recently with Bank of England’s proposed rate hike, Brexit issues and dovish outlook for US economy. …Read More

AUD/USD

The pair initially went higher towards the 0.78 level but found enough resistance to turn around and fall back near the opening levels. The market is expected to remain volatile as the outcome of FOMC meeting minutes looks dovish but the certainty of December rate hike will impact this market. Now, if the pair breaks below the 0.7750 level then the market will become quite negative and will fall towards the 0.75 level. And, if market clears the 0.81 level above, buy and hold strategy will come into play. …Read More

USD/JPY

The pair started the Wednesday’s session with weakness falling towards the 112 but then turned around as it got enough support underneath. The 112 level will act as a floor to the market and will fable to attract buyers into the market. With Fed chair’s clear intention to increase rate in December, the market will now find enough momentum to go higher towards the 114.50 level, which has been the top of the longer-term consolidation level. …Read More

This article was originally posted on FX Empire

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