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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – May 14, 2018

Colin First
The tech stocks are expected to lead the stock indices lower

EUR/USD

The pair rallied in the Friday’s session reaching the 1.1965 level but then rolled over a bit as traders closed their position ahead of the weekend. The 1.20 level and 1.21 level is massively resistive and will be difficult for the market to cross above. In the weekly chart, it has formed a hammer candle indicating a bounce, that might be due to USD has been overbought. The 1.18 level underneath is a strong support in this market. …Read More

GBP/USD

The British Pound rallied during the Friday’s session reaching the 1.36 level indicating the presence of significant bullish momentum. A breakout above the 1.3650 level will send the market much higher possibly towards the 1.38 level and 1.40. If this market goes further lower breaking the 1.35 level then the pair will unwind rapidly towards its next major support at 1.33 level. …Read More

AUD/USD

The AUD rallied during the Friday’s session reaching the 0.7575 level which is massively resistive but rolled over a bit from there showing signs of exhaustion. On the weekly charts, it has formed hammer like a candle suggesting that it could go higher. A break above 0.7575 level will attract a lot of buyers into the market. …Read More

USD/JPY

The market facing a significant resistance around the 110 level as the market has over-extended a bit in a short period of time. In the Friday’s session, the pair rolled over to the 109 level initially but then showing significant buyers action there. A break down from here will send this market towards the 108 level and 107.50 level eventually. …Read More

This article was originally posted on FX Empire

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