EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – May 8, 2018

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Published: May 8, 2018, 09:12 UTC

EUR/USD The EUR/USD pair continued started the week off with negative momentum as it sliced through the 1.19 level. At this point, the US dollar is likely

EUR/USD

The EUR/USD pair continued started the week off with negative momentum as it sliced through the 1.19 level. At this point, the US dollar is likely to continue to strengthen due to rise in the interest rate which will pull this market further lower. The pair has a strong support around the 1.18 level which extends down to the 1.15 level. Lack of any support from the ECB will keep this market under pressure only. …Read More

GBP/USD

The British Pound went sideways during most part of the session around the 1.35 level as the 1.3650 level offering a bit of resistance. If this market breaks below the 1.35 level, then it will send this market further lower, initially towards the 1.33 level and then towards the 1.30 level. The market is expected to be very noisy amid the US dollar gaining strength. …Read More

AUD/USD

The AUD started the week off with negative momentum as it reached down towards the 0.75 level, the area which is of psychological importance. Given enough time, the market is likely to break further as the dollar is continuing to gain strength on the back of rising interest rates. The 0.73 and 0.7250 level underneath is a strong support zone for the pair. …Read More

USD/JPY

The US dollar rallied during the Monday’s session breaking above the short-term resistance of 109 and consolidating around the 109.25 level. Given enough time, this market will continue to rally reaching 110 level and above. The 108.80 level underneath will continue to offer strong support and until it is above this area, positive momentum will continue. …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.