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

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Published: May 28, 2018, 07:49 GMT+00:00

EUR/USD The market continued to remain soft before the close of week's' trading and break down towards the 1.17 level which is offering a strong support.

EUR/USD

The market continued to remain soft before the close of week’s’ trading and break down towards the 1.17 level which is offering a strong support. In the long term, the market will continue with its downtrend movement and with likely intent to test the 1.15 level for support. Rallies in the market will attract sellers into the market with strong resistance placed around 1.1750 and 1.18 level. …Read More

GBP/USD

The market continued with its bearish trend as it has fallen a bit during the Friday’s session. The 1.34 level will act as a ceiling in the market and will continue to go much lower as it has broken the previous uptrend line. WIth Fed rising rates and concerns related to Brexit, this market will continue to move lower with a medium-term target of 1.30 level. …Read More

AUD/USD

The AUD tried to rally during the Friday’s session but due to strong resistance at the 0.76 level, the market pulled back. Overall the market is very weak and once it breaks below the 0.75 level, the pair is likely to move further lower towards the 0.7350 level. The market will continue to remain noisy and rallies will good selling opportunity. …Read More

USD/JPY

The USD initially tried to rally against the JPY in the Friday’s session but failed to move higher and pulled back to test the 109 level for support. The market is trying to create some kind of base around the region to move higher towards the 112.50 level. With increased interest rate differential between the two economies, the market will continue to favour the USD. …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.