EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – May 29, 2018

By:

Published: May 29, 2018, 08:20 UTC

EUR/USD The market broke down significantly in the Monday's session and reached down towards the 1.16 level as the market encounters concerns coming out

EUR/USD

The market broke down significantly in the Monday’s session and reached down towards the 1.16 level as the market encounters concerns coming out of Italy all of a sudden regarding government formation. The bond market has turned negative and it is likely that the Euro will be negative for some time to come and the market is expected to test the 1.15 level underneath for support. …Read More

GBP/USD

The pair started the week with a bearish tone as it tested the 1.33 level underneath for support. It is likely that this level will be difficult for the market to hold and will break below to reach towards the 1.30 level in the next several sessions. Short-term rallies will continue to offer good selling opportunity as British Pound lack momentum to arrest the downfall. …Read More

AUD/USD

The AUD initially rallied during the Monday’s session but rolled back perhaps in response to improving geopolitical tension between North Korea and the US. The market has been successful in closing above its crucial support level of 0.75 level and if it breaks above the 0.7575 and 0.76 level then it will be a positive development. And, if the market breaks below the 0.75 level, then the next major support will be at 0.7350 level. …Read More

USD/JPY

The USD fell against the JPY during the yesterday’s session mostly due to lack of volumes as the American market was closed for trading. The pair is getting significant support at the 109 level and is only a matter of time, USD will resume its upside trend. If it breaks above the 110 level, the market will attract enough buyers to take this market higher towards the 112.50 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.