EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – May 21, 2018

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Published: May 21, 2018, 07:07 UTC

EUR/USD Weakness continued through the Friday's session as the pair sliced through the 1.1775 level indicating further downward pressure in the market in

EUR/USD

Weakness continued through the Friday’s session as the pair sliced through the 1.1775 level indicating further downward pressure in the market in coming sessions. The pair recently bounced higher but the traders are more interested in picking value in the greenback. On the weekly chart, it has broken below the bottom of a hammer from the previous week, which is an extremely negative sign and 1.15 level underneath is the hard support of this market. …Read More

GBP/USD

The British Pound fell significantly lower during the Friday’s session testing the major uptrend line at 1.3450 level. If it breaks below this line, then the market will unwind more rapidly with next major supports around 1.33 level and next at 1.30 level. Rallies in the market are nice opportunity to get into short this market until it breaks above the 1.3650 level. …Read More

AUD/USD

The pair continued to bounce around the 0.75 level as it is an important and psychological aspect of the number. The market is likely to break down from here and will probably reach down towards the 0.7450 level and 0.74 level. A break above 0.7550 level will help to reverse the situation a bit but is unlikely due to strength in the greenback. …Read More

USD/JPY

The USD ran into trouble against the JPY during the Friday’s session as it fell from the important psychological level from the 111 level, showing sign of weakness. Recently the pair has rallied significantly and is quite a bit over-extended and 110 level underneath is a major support underneath. Overall, the market continues positive and is looking towards the 112.50 level and 115 level in the long term. …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.