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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – December 1, 2017

Colin First
EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – December 8, 2017

EUR/USD

The market pair initially went down during the Thursday’s trading session reaching towards the 1.1825 level but then significantly shot higher reaching towards the 1.20 level. The market has turned very bullish by breaking above the 1.1950 level and eventually will help in breaking above the 1.21 level to become a buy and hold situation. The market is expected to remain volatile given the noise around. And, if Congress fails to pass the tax reform bill then it will add significant pressure to the dollar resulting the Euro to outperform this market. …Read More

GBP/USD

The bullish pressure continued through the Thursday’s session as it broke above the 1.35 level. The pair is finding sellers around this region but the downside is limited and will eventually reach towards the 1.3650 level. And, if it breaks above the 1.3650 level, becomes more of a buy and hold situation and will be reaching towards the 1.40 level. The floor of this market is at 1.3333 level and if it stays above this region it will attract sellers. And, GBP is likely to stay on the positive side as it is believed that there is favourable negotiation going on for the Brexit process between the UK and EU. …Read More

AUD/USD

The market was very choppy during the yesterday’s session, bouncing towards the 0.76 level couple of times but failed to cross over. Yesterday’s movement in the market clearly indicated of some kind of exhaustion and will eventually roll over towards the 0.75 level. The hourly stochastic is also in the overbought region. A breakdown below 0.75 level will be significant and will send this market towards the 0.7350 level. …Read More

USD/JPY

The pair was very volatile during the yesterday’s session as it rallied, got pulled back and again rallied during the day. If the market clears above the 112.50 level, then it is likely that it will go towards the 114.50 level eventually. The massive resistance extending up to the 115 level will be very difficult for this market to overcome. If the US Congress successfully gets through the tax reform in Senate, it will be very huge development for the market and will help this pair to go much higher. The 111.50 level will be the base of this market and if it crosses below, then the market will rollover significantly. …Read More

This article was originally posted on FX Empire

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