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

By:

Published: May 2, 2018, 09:45 UTC

EUR/USD The market dropped to the 1.20 level during the yesterday's session which is a psychologically significant number and should be massively

EUR/USD

The market dropped to the 1.20 level during the yesterday’s session which is a psychologically significant number and should be massively supportive. This market has a lot of news on its way ahead that will keep this pair volatile. The important one being the key economic data from the Euro ZOne including GDP and manufacturing data. The market is likely to continue bearish and if it crosses 1.21 level then some type of bullish can be seen. …Read More

GBP/USD

The pair turned extremely negative during the yesterday’s session reaching down towards the 1.3650 level. The weakness is likely due to rising interest rate in the US papers which is helping the dollar to move higher against the major currencies. A break below the current level will be extremely negative, as it was the major breakout area in the past. If it goes below this level, then it will send this market towards the 1.35 level and much below. …Read More

AUD/USD

The AUD was extremely negative during the yesterday’s session as it sliced through the 0.75 level reaching towards the 0.7350 level. This level is an important support level and breaking below this level will send much lower. It is likely that the pair will continue to trade weak due to rising dollar. At this point, a break above 0.75 level will help to limit the further downside. …Read More

USD/JPY

The USD continued its bullish momentum against the JPY, reaching towards the 110 level. This level is psychologically and structurally important on the longer-term chart and a break above will send this market reaching towards the 112.50 level. The floor of the market is around the 108 level and is unlikely to move in that direction in the short-term period. …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.