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

Thursday’s session on the market witnessed extreme volatility in the pair falling towards the crucial support zone of 1.17 level after rallying towards the 1.1780 level during the day. If the pair breaks below the 1.17 level, then the market will fall towards the 1.15 level from where the market saw a major breakout. Looking forward, the market is expected to remain volatile as job number from the US coming out today and if market retains the 1.17 level, then it will be a positive for the market. …Read More

GBP/USD

Yesterday, the British Pound slipped into the negative territory of the chart by breaking below the key support level of 1.32 level and reaching towards 1.31 level underneath. From here, the market is expected to be under selling pressure towards the 1.30 level underneath. The uncertainty in the market is due to the questions, whether or not the Bank of England will raise interest rates. Going forward, it is expected find support underneath near the 1.30 level and sell on rallies will be the right strategy to play this market in short term. …Read More

AUD/USD

The market witnessed a free fall during the Thursday’s session, crashing into the 0.78 level. This level is regarded as a floor of the market and may get a bounce. If the market falls below this level then the market will probably breakdown rather significantly. The market has been quite volatile during the last couple of sessions falling from the higher 0.80 level. If the gold prices rally in this market, AUD is expected to get some rally going ahead. …Read More

USD/JPY

The pair initially fell lower on yesterday’s session but found enough support near the 112.50 to turn around and bounce back. This level is the magnet for the market and is getting a lot of buying interest. A break above the 113.25 level will send this market higher towards the 114.50 level. The current interest rate differential between the United States and Japan continues to favour the market. Buying in dips will be the right strategy to play this market as it is getting support from the lower levels to continue higher. …Read More

This article was originally posted on FX Empire

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