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

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Published: May 7, 2018, 09:17 UTC

EUR/USD The Euro continued its downslide against the dollar in the Friday's session reaching down towards the 1.19 level as strong dollar sentiments

EUR/USD

The Euro continued its downslide against the dollar in the Friday’s session reaching down towards the 1.19 level as strong dollar sentiments prevailed in the market. Now, it has breached the 1.20 level, the market will continue to trade weak and go much lower perhaps towards the 1.18 level in next few session. The 1.20 level and 1.21 level will act as a strong resistance on the top. …Read More

GBP/USD

The pair dropped towards the 1.35 level on Friday as the job numbers came out from the US. It is likely that the dollar will continue to gain strength on the back of rising interest rates. Any exhaustive candles on the market will be the trigger of a selling point in the market which will pull the market further lower towards the 1.30 level. …Read More

AUD/USD

The AUD continued to chop around the 0.75 level during the Friday’s session as it was getting buyer’s interest. If this market breaks down the fresh new lows of 0.7480 level then it will be a very negative development and will pull this market down towards the 0.7250 level and much below. The 0.7550 level on the top will act as a strong resistance and will break above that level will send this market higher. …Read More

USD/JPY

The US dollar continued volatile against the Yen during the Friday’s session on the back of mixed job data from the US. The pair will continue to target the 110 level and above in the next few sessions. The market will continue to trade volatile with plenty of support underneath around the 108.50 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.