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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – December 29, 2017

Colin First
The markets have been in slow recovery mode

EUR/USD

The pair continued its bullish tread on Thursday’s session reaching towards the 1.1950 level and it looks likely that it will break above this important level. If it does so, then it will break out of the weekly bullish flag which will send this market further higher towards the 1.21 level. The current uptrend in the market is not supported by any fundamental and economic events and is mainly due to lack of liquidity. Once, the market comes out from this situation, then we can witness some correction. The 1.18 and 1.17 level will provide support to this market. …Read More

GBP/USD

The pair rallied significantly during the yesterday’s session reaching towards the 1.3450 level. The market is currently receiving very thin volume and the market could experience some amount of volatility until the market is back to normal. If the pair breaks above the 1.35 level, it will be an extremely bullish situation and then the pair could attempt for the important 1.3650 level which is also a massively resistive. Short-term pullbacks in the market will offer value. …Read More

AUD/USD

The AUD rallied a bit during the yesterday’s session reaching towards the 0.78 level but then pulled back a little. This level is going to be very difficult to cross above. If it manages to break above the 0.78 level, then the next target for the market will be at 0.80 level which will be a nice opportunity for long-term traders. Pullbacks in the market will offer nice buying opportunity with a support an initial support at 0.77 level. …Read More

USD/JPY

The pair broke down significantly during the Thursday’s session breaking below the 113 level which was an important support zone. The 112 level will be next support zone which is also it is the 38.2% Fibonacci retracement level and if it breaks below 112.6 level, then it will attract a lot of selling pressure. In the long term, the market is expected to turnaround as it is a “risk on” pair and also due to the favourable interest rate differential. In the higher side 114.50 level is going to be massively resistive. …Read More

This article was originally posted on FX Empire

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