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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – August 1, 2017
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EUR/USD The pair initially dipped on Monday's trade but later shot up above the 1.1750 level which was its resistance level. The pair successfully broke
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EUR/USD
The pair initially dipped on Monday’s trade but later shot up above the 1.1750 level which was its resistance level. The pair successfully broke above the top of an ascending triangle, which is seen as a bullish sign. Based on the ascending triangle our next target will be 1.1850 level and above. Buying in dips should be considered a right opportunity to enter the market and 1.1730 level will be the floor of the market. US dollar on its back and strength in European currencies is likely to favour the market in long-term. …Read More
GBP/USD
The pair initially started negative, drifting towards the 1.31 level but after the start of American session, the pair went higher to a new high of 1.32165 level. The continuous fall in the dollar because of lowered expectation of the interest rate hike by Fed is pushing the Pound up. The market is looking towards the 1.3450 and above which is a strong resistance zone. Short term pullback will provide good buying opportunity with 1.3150 as a support level. …Read More
AUD/USD
The market traded on a sideways direction during the day on Monday. The 0.80 level for the pair is a strong resistance zone going back decades in charts. Breaking above this crucial level will need strong movement in gold prices and as well copper. The market will remain bullish and should be seen as a buying opportunity unless it breaks the support level of 0.79. …Read More
USD/JPY
The pair initially tried to rally but rolled over from 110.75 to 110.50 level where it has created a support level. The market will continue to be choppy and any break above the 110.85 level will lift the market higher. The pair has strong support zone at 110 and if it breaks the below it, then the market will go further down towards 109 handle. Dollar weakness and Fed’s dovish view on interest rate hike has made the market difficult to trade. …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.
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