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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – October 10, 2017

Colin First
Pound Moves Lower The focus of the day was the pound as the market looked forward to the CPI inflation data and also the speech from Carney during the London session. The pound had been trading in a choppy manner over the last few days in anticipation of the loads of data that are scheduled … Continue reading Market Snapshot – Pound Has Its Day Out

EUR/USD

The pair was moderately choppy during the Monday’s session as the level 1.1750 continues to be resistive. If the market clears above this level then the market is expected to go higher towards the 1.18 level and above. Post the weak job data from the US, the market is trying to find some type of base underneath. Going forward, the 1.25 level will be the long-term target for this market. Volatility will be the mainstay of this market as both Federal Reserve and European Central Bank is looking forward to the tighten its monetary policy later this year. Buying on dips will be the right strategy to play this market going forward until it goes below the 1.15 level. …Read More

GBP/USD

The market turned around from the lows of Friday’s session on Monday. The pair rallied towards the 1.32 level but found enough resistance and pulled back to test the 1.31 level. The market has been very volatile in the past couple of session . If it successfully crosses over the 1.32 level, buyers will take it towards the 1.3650 level in the long term. Going forward, the market will be difficult to trade as short-term volatility due to Brexit and rate hike by Bank of England will affect the market. …Read More

AUD/USD

The pair moved a little during the Monday’s session testing the 0.7750 level. This area around has been the major support area for the pair earlier also. If it breaks above the 0.78 level, then we may see movement towards the 0.80 level which is an important psychological level going back to decades. A break down from current level will force the market towards 0.75 level, which will be a very negative move for the pair. …Read More

USD/JPY

The last two trading session was extraordinarily volatile for the pair, falling from the 113.50 level towards the 112.50 level. The weakness in the counter was mainly due to the poor show of US non-farm job data. This rattled the market which was expecting a rise in job numbers. The support for the pair extends up to 112 level. The interest rate differential will continue to favour the United States, and therefore the longer-term attitude of this market should be to grind to the upside. …Read More

This article was originally posted on FX Empire

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