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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – November 13, 2017

Colin First
Updated

EUR/USD

The pair was very volatile during the session on Friday witnessing both bullish and bearish pressure throughout the day. The pair reached the 1.1675 level during the day but faced enough resistance to roll over again as 1.17 level above is a massive resistance zone. If the market breaks above the 1.1725 level then it will able to negate the head and shoulder pattern and could send this market further higher towards the 1.21 level. Looking ahead, market will be volatile as US dollar is witnessing some amount of pressure from upside. …Read More

GBP/USD

The market was initially sideways during the Friday’s session but started to rally once the Americans entered the market. The pair tried to reach the 1.3250 level which is bit resistive as in the past. The resistance in the market extends up to 1.333 level and if it breaks above, then it market could go much higher. The market is likely to witness some amount of consolidation as stochastic oscillator is indicating a overbought situation. A pull back from here will be a nice buying opportunity. …Read More

AUD/USD

The AUD was initially sideways on Friday’s session and tried to go above the 0.77 level but got enough resistance and rolled over again. The 0.7650 level continues to be a good support level and if it breaks below then it will eventually drop towards the 0.76 and 0.75 level. The market seems to be trapped in a range bound trade. Unless the gold prices picks up momentum, this market will be quite weak. …Read More

USD/JPY

The pair was very choppy during the Friday’s session trying to go above the 113.50 level but got enough resistance. The market continues to be noisy around this region but 113 will also offer a very strong support and at 112.50 level underneath. The market will eventually turnaround as the interest rate differential between the two economies favours the USD and in long term buy and hold strategy will come into play. …Read More

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This article was originally posted on FX Empire

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