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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – February 7, 2018

By:
Colin First
Published: Feb 7, 2018, 09:09 UTC

EUR/USD The pair fell hard during the Tuesday's session as it experienced strong resistance at the 1.24 level and started to move towards the 1.23 level

Forex Trading Signals - January 11, 2018

EUR/USD

The pair fell hard during the Tuesday’s session as it experienced strong resistance at the 1.24 level and started to move towards the 1.23 level which is showing signs of some support. If the pair can break the 1.2350 level and above then it could reclaim the 1.24 level again and possibly reaching towards the 1.25 level. In the longer term, the market is still indecisive if it could break the 1.25 level which is a significant milestone and also a strong resistance point. Underneath, 1.23 level and 1.20 level will be the major support area of this pair and the noise in the market is likely due to the disturbance in the global financial market on the back of rising bond yields. …Read More

GBP/USD

The British Pound has now rolled back sharply towards the 1.3850 level at the Tuesday’s session and is facing resistance at the 1.40 level. The market should continue to go lower towards the 1.38 level as the volatility will continue to be an issue until the global stock market stabilizes. This could be a minor blip in the rising market and sellers will not likely to pick this market until it breaks the 1.3650 level underneath. The market should continue to be noisy because of the issues in the US dollar as it has tested its bottom recently. …Read More

AUD/USD

The AUD has turned negative as it broke the 0.79 level in the yesterday’s session as it was mentioned to important level to overall consolidation. Now, for the market 0.80 level is going to be very resistive and difficult to get above unless and until it crossed the 0.79 level above. Monitoring the gold market will give a fair idea of the future price trends of AUD, so if the gold prices witnesses a breakout above, it should continue to push the AUD higher. …Read More

USD/JPY

The pair rallied significantly during the yesterday’s session as due to the panic selling in the global stock market. The pair has a strong resistance near the psychologically important 110 level which will be difficult for the market to cross and also an upward momentum is probably looking limited. The pair will witness a lot of noise going forward, and if the fear in the market remains, the investors will be looking towards the JPY for safety. In the chart, the 108.75 level is looking to be a bottom of the longer-term consolidation area. …Read More

About the Author

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.

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