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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – October 17, 2017

EUR/USD

The pair was extremely volatile during the Monday’s trade session, initially gapping lower but found enough support near the 1.1780 level to bounce and break above the 1.18 level again. The volatility was largely due to a lot of noise going on the market and more importantly due to the election of a populist prime minister in Austria. The pair is likely to get renewed interest from buyers as in daily chart it has dipped to the 38.2% Fibonacci retracement which is a potential turn around point. Once the pair breaks above the 1.20 handle then the market will more likely to be on “buy and hold” mode. …Read More

GBP/USD

The pair was largely volatile during the Monday session, initially falling towards the 1.3250 level but then bounced back to go higher. This level is acting as a floor to the market and getting a lot of attraction from buyers. Going forward, the market is likely to break out upside probably reaching towards the 1.3650 level and above is the scene of the gap lower from the surprise Brexit results. Buying on dips will be the right strategy to play this market until it breaches the 1.31 level underneath and the market will continue to trade choppy. …Read More

AUD/USD

The AUD tried to hold the area below the 0.79 level during the Monday’s session but drifted slightly lower. The pair is expected to get plenty amount of support underneath to help the market scale higher levels. As metal counters are gaining value in the last couple of session, this will have massive influence in AUD as Australia is a major exporter of precious metal including gold and copper globally. If the pair breaks above the 0.80 handle then the market will enter the positive zone of the territory and uptrend momentum to continue in the market. …Read More

USD/JPY

The pair continued to trade in a negative direction breaking the important 112 level underneath. This market is going through a lot of strain due to slowing growth in the US and geopolitical crisis. If the pair successfully breaks above the 112.50 level, then fresh new buying will follow into the market. The large interest rate gap between the US and the Japan continues to favour this market and will support the market to go higher. …Read More

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This article was originally posted on FX Empire

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