EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – February 16, 2018

EUR/USD

The pair has been bullish through the Thursday’s session as it reached the 1.25 level which is a psychologically important level. The pair got some amount of profit booking at the top as it offered a bit resistance. Going forward, this market is expected to continue noisy and a break above 1.25 level will trigger a rally towards 1.32 level in the long-term. Yesterday’s move signifies the market will witness a support at the 1.24 level extending up to 1.23 level. Pullbacks will offer an opportunity to add positions at lower levels. …Read More

GBP/USD

The British Pound rallied significantly during the Thursday’s session as it broke above the 1.40 level which was significantly resistive. Yesterday’s move in the market is a very positive development and should continue to rally for next few sessions reaching towards the 1.43 level. The 50 Day EMA is providing support to this pair and also 1.40 level is going to offer dynamic support to this market. The long-term target of the market remains at the 1.45 level and buy on dips will be a good strategy to play this market. …Read More

AUD/USD

The pair rallied initially during the Thursday’s session reaching towards the 0.7950 level but rolled over towards the 0.79 level to test the support level. This is area is a bit resistive for the market to cross above. The weakness in the US dollar should continue this market to support higher and a break above 0.80 level is going to be a positive development which could send this market to rally. If this market breaks above the 0.81 level, then it will be a buy and hold type situation for the traders. …Read More

USD/JPY

The US Dollar continued to drift lower against the JPY at the yesterday’s session as it is trying to reach towards the psychologically significant 105 level. The anti-US Dollar sentiment is hurting this market and it is unlikely that the market will reverse its position soon. As the pair is positively correlated to S&P500, a rally there could put a small upside pressure. If this market breaks above the 107.50 level, then it should move higher breaking back into previous consolidation area. …Read More

This article was originally posted on FX Empire

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