Forex Daily Outlook – June 19, 2018

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Published: Jun 19, 2018, 09:11 GMT+00:00

EUR/USD The pair staged lower at the open in the Monday's session due to some political concerns emerging out of Europe with news about Angela Markel

EUR/USD

The pair staged lower at the open in the Monday’s session due to some political concerns emerging out of Europe with news about Angela Markel being ousted. The market is likely to continue volatile and witness bearish pressure with rallies continue to offer nice selling opportunity. The 1.17 level above is massively resistive and as well as 1.18 level which the market needs to clear above in order to reverse the bearish sentiment. The 1.15 level underneath continues to offer strong support and will be difficult to break. …Read More

GBP/USD

The pair started the week bearish as it slipped down to 1.32 level as the market continues to witness a bit of “risk off” type of trading attitude. Given enough time, the market is likely to reach down towards the 1.30 level and rallies continue to sell off, as USD continues to gain strength. The 1.30 level underneath is going to be a massive support level. A break above 1.33 level could send the market towards the 1.34 level next. …Read More

AUD/USD

The AUD was stable all throughout the Monday’s session hugging the 0.75 level just below. This is a psychologically significant level and will keep traders on the loop. A break above will attract buyers and will continue to rally towards the 0.77 level. The 0.7350 level underneath will be the next major support level. …Read More

USD/JPY

The pair initially pulled back slightly during the Monday’s session but buyers started to roll in to take the pair higher. In the longer term, the pair is probably going to move higher due to widening interest rate differential between the two economies. The pair is also directly affected by the geopolitical developments, so the likelihood of volatility in the upward tilt. …Read More

About the Author

Colin Firstauthor

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.