EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – February 28, 2018

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Published: Feb 28, 2018, 08:56 UTC

EUR/USD The pair has fallen during the Tuesday's session reaching towards the 1.2250 level underneath, which is an important support level and has been

EUR/USD

The pair has fallen during the Tuesday’s session reaching towards the 1.2250 level underneath, which is an important support level and has been tested in the past as well. This could attract a lot of buyers into this market place and will continue to be in the up-trend and the initial resistance is placed at 1.2350 level where sellers will likely to pick it up. A break above could send this market higher towards the 1.25 level. Given the weakness in the dollar index and ECB gradually going to step away from QE will help to strengthen EURO in both short and long-term. …Read More

GBP/USD

The British Pound broke its important support of 1.40 level which it went past in the previous session. The pair has reached around 1.39 level which has been supportive in the past and buyers are expected to get involved. The market will continue to be choppy as the 1.40 level is bit resistive and if it breaks down from here, then 1.3650 level will act as a floor of this market. Overall the long-term outlook for the market is bullish and these short-term pullbacks offer good buying opportunity into the market. …Read More

AUD/USD

The AUD continuing its negative streak for the past two sessions and on Tuesday it reached towards the 0.7825 level. This level, extending up to 0.78 level is the massive support level for this pair and will eventually find buyers around to take it higher. A break down below 0.78 level is going to be the negative sign for the market, possibly sending the market down towards the 0.77 level. The gold market will continue to influence this market and will give future direction to this market. …Read More

USD/JPY

The pair rallied a bit during the Tuesday’s session reaching towards the 107 level. The market has a lot of resistance around the 107.50 level and if it able to clear off, then it could reach 108 level and even higher. Given the weakness in the dollar index, sellers are likely to get involved to take it down but as the global stock market is rallying, this will make an upside pressure in the stock. Trading with a strict stop loss around its major support and resistance level will be the right strategy to play this market. …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.