EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – March 1, 2018

By:

Published: Mar 1, 2018, 08:06 UTC

EUR/USD The weakness in the pair continued through the Wednesday's session as it went below the 1.2250 level reaching the 1.22 level at the end of the

EUR/USD

The weakness in the pair continued through the Wednesday’s session as it went below the 1.2250 level reaching the 1.22 level at the end of the session. By breaking below 1.2250 level which was an important support level, the pair is likely to weaken further and next important support is at 1.21 level and is also the longer-term uptrend line. The weakness in the market is due to strength in the dollar after Fed Chairman Jerome Powell indicated continuing with the rate hike policy, but it was expected and the influence in the market will be of short-term. …Read More

GBP/USD

The British Pound has fallen significantly during the Wednesday’s session as it went below the 1.38 level. There is strong uptrend support below this level from where the market is expected to find buyers to take it higher. The 1.3650 level is the floor of this market and 1.39 level will now be the important resistance level. The recent strength in the US Dollar is affecting all the major currencies and given enough time, buyers are likely to get involved as this will be the short-term impact on the market. …Read More

AUD/USD

The AUD initially rallied during the yesterday’s session reaching towards the 0.7825 level but has been falling since then as it is consolidating around 0.78 level. The market is going to be in back and forth movement from here and will be difficult to trade in the longer term. The gold market will continue to have influence in this market and also US Dollar is strengthening which will keep the market under pressure. …Read More

USD/JPY

The USD has fallen significantly against the JPY during the Wednesday’s session reaching towards the 106.50 level which is massively supportive. However, this market will find enough buying pressure from here as the USD has been gaining strength from the past two sessions. If the market goes down from here, the 105.5 level and 105 level is going to offer significant support. If this market clears above the 108 level, which is bit resistive then it will continue to go higher towards the 110 level. …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.