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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – August 2, 2017
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EUR/USD The pair drifted little lower in Tuesday's session and it’s more like consolidation from previous day’s high. The pair is trading above the trend
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EUR/USD
The pair drifted little lower in Tuesday’s session and it’s more like consolidation from previous day’s high. The pair is trading above the trend line on the hourly chart and is successfully closing above the line. The 1.18 level is very supportive and buyers will get into the market. If the pair gets below the trend line then we will see a short term pullback. The pullback will provide the right opportunity to enter the market and momentum as in long term the market remains bullish. …Read More
GBP/USD
The pair had a volatile session on Tuesday trade session, testing the 1.3250 level quite a no. of times. The pair has a significant amount of support around the 1.32 level which we saw during the day and breakdown below that level will see market looking for support near 1.3150 and 1.31 level. The British pound is going to see volatility due to the Brexit negotiation and might affect the pair to move in certain direction suddenly. Overall market will continue to have a bullish trend. …Read More
AUD/USD
The AUD went higher towards 0.8050 level against the dollar in Tuesday’s trade but found enough resistance to fall below the 0.80 level again. The market is going to be difficult in this area as historical charts going back to decades indicating of a difficult phase. 0.7950 level will continue to provide a good support and price movement in the gold market will provide impetus to the market. …Read More
USD/JPY
The pair initially tried to rally but faced resistance at the 50 exponential moving average in the hourly timeframe.The pair rolled over to test the 110 level which is the strong support level. August being the least volatile month as large investors stay away from the market and market will find itself in a range bound manner. The market is in oversold zone and 110 level will be significant defence area and upside movement will come in if we break above the 110.60 handle. …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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