EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – February 6, 2018

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Published: Feb 6, 2018, 08:46 UTC

EUR/USD The pair by and large went sideways during the Monday's session as the 1.25 level above is a resistant above and also a psychologically

Tuesday Support and Resistance Levels – December 19, 2017

EUR/USD

The pair by and large went sideways during the Monday’s session as the 1.25 level above is a resistant above and also a psychologically significant level that will attract a lot of attention. If it can break above the 1.25 level, then it will continur to go higher towards the 1.2650 level. With bond market starting to go upward, the forex market will also get affected as higher bond yields will sometimes attract currency putting a bit of anchor. The market will remain volatile and occasional pullbacks can be expected. …Read More

GBP/USD

The British Pound initially went sideways during the yesterday’s session but then started to move down reaching towards the 1.40 level. This level has offered a support in the past also and the pair is expected to bounce from here reaching the 1.43 level and if it fails, then the next major support will be around 1.39 level. Goin ahead, the market is expected to remain choppy because of the crash in global markets on back of rising bond yields and negotiations between the EU and UK, which will keep this market volatile. …Read More

AUD/USD

The AUD has bounced from the significant 0.79 level in the yesterday’s session as the market was a bit oversold. The pair is now trying to reach above the 0.80 level which is very significant in the long-term charts. If the pair breaks above the 0.80 level, then it will try to reach towards the 0.81 level. The market now is looking likely to consolidate between the 0.81 and 0.79 level. In the long term, this market will continue the longer-term correlation to gold and if the gold prices go above the $1400 level, then the AUD can go much higher level over months. …Read More

USD/JPY

The pair pulled back a little during the yesterday’s session but is likely that, it will find enough buyers on the dips if it stays above the general uptrend line. A break above 110 level will send this market towards the 111 level and even higher. On the long terms charts, this market has been consolidating between the 108 on the bottom and 114 level at the top. The market will remain noisy given the crash in the global stock market and rise in bond yields globally. …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.