EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – February 2, 2018

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Published: Feb 2, 2018, 10:52 UTC

EUR/USD The pair continued its volatile movement during the Thursday's session and bounced yet again from it support level. The longer-term trend remains

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EUR/USD

The pair continued its volatile movement during the Thursday’s session and bounced yet again from it support level. The longer-term trend remains bullish and the market is awaiting the number of job data which is having a major influence on the market. The initial resistance for the market is at 1.25 level and if it is broken then it will be a major development in the market which will send the prices higher. Alternatively, if it breaks below the 1.24 level, then it may reach down towards the 1.23 and then 1.22 level eventually. …Read More

GBP/USD

The pair went higher during the Thursday’s session but pulled back a bit as the Americans came on board. The market is in a bullish tone and will continue to go higher. The 1.40 level is going to be the massive support zone extending up to 1.39 level for the market and the pair will attempt to reach the 1.43 and 1.45 level eventually. Ultimately, buy on dips will be the right strategy to play this market right now. …Read More

AUD/USD

The AUD has fallen during the Thursday’s session reaching towards the 0.80 level which is its major support zone. The market could perhaps reach towards the 0.8050 level and 0.81 level from here and if it breaks above from here then next level will be 0.85 level. The dollar index will be quite volatile in today’s session as the job numbers are going to be released later today. This will have a major effect on the market will chart the future direction of this market. …Read More

USD/JPY

The US Dollar went higher during the Thursday’s session as it tried reaching the 110 level but pulled back at the end of the day to reach 109.25 level. The 110 level is massively resistive and if it clears above this level then it could reach towards the 112 level. Right now, the market is waiting for the job number from the US and if it does not meet the expectation then the pair is going to crack from here likely reaching 107.50 level. …Read More

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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.