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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – December 6, 2017

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

EUR/USD

The market went lower during the Tuesday’s session reaching the 1.18 level underneath. The level has been supportive for past couple of session and is likely to attract buyers which will send this market higher towards the 1.19 level and 1.21 level eventually. A breakdown below the 1.17 level will send this market much lower towards the 1.15 level. The market ahead will remain volatile as the US passes the tax reform bill. …Read More

GBP/USD

The market was extremely volatile during the yesterday, initially falling lower but found the strength to bounce back to its open level. The volatility in the market is due to the lack of consensus between UK and EU on terms of Brexit. The long-term projection of the market is positive and is likely to keep the market above the 1.35 level. Any short-term pullbacks in the market will be a good buying opportunity. The 1.3333 level is going to be the floor of this market. …Read More

AUD/USD

Initially, the market went higher during the Tuesday’s session reaching the 0.7650 level but got enough resistance to move higher and fell towards the 0.76 level underneath. This is a psychologically important level and if the market breaks from here then it will go towards the 0.75 level. Given the strength of the dollar due to likely passage of tax reform bill in the US, the market will trade volatile will negative bias. Alternatively, if it breaks above the 0.7650 level, then market will go higher towards the 0.77 and 0.7750 level. …Read More

USD/JPY

The pair rallied during the Tuesday’s session towards the 113 level as the market was upbeat on the likely passing of the tax reform bill in the US. The current interest rate differential between the both economies favours this market and is likely to go much higher towards the 115 level. This level will be difficult for the market to cross. Right now, buying on dips will be the correct strategy to play this market and if market breaks down below the 112 level then it will reach the 111 level eventually. …Read More

This article was originally posted on FX Empire

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