EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – August 29, 2017

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Published: Aug 29, 2017, 08:03 UTC

EUR/USD The pair staged a gap up opening on Monday's trade but pulled back soon to fill the gap immediately. The market has made a positive trend during

EUR/USD

The pair staged a gap up opening on Monday’s trade but pulled back soon to fill the gap immediately. The market has made a positive trend during the day and is looking to break above the 1.20 level. Once it clears the crucial 1.20 level then the market will more aggressively look forward to 1.25 level in the long term. Looking forward, the market is well positioned to make an upside movement and if ECB starts the tapering soon during September, then it will add a boost to the market. Any dips in the market will attract value hunters. …Read More

GBP/USD

The pair had a gap up opening and fell almost immediately to fill that gap but bounced back higher to the opening levels. The pair is probably looking to break above the 1.29 level and then possibly 1.30 level. The market is now somewhat supported by the weakness in the US dollar and will break lower once it gets any type of triggers from the market. The 1.30 level will provide a significant amount of psychological interest among traders and until it clears the 1.3050 level with strong momentum, new buyings are unlikely to come. …Read More

AUD/USD

The pair staged a gap down opening but filled the gap and continued to go higher during the day. The 0.80 level for the pair will be difficult for the market to break and will take several attempts to break it. The traders should watch the gold and US dollar index for figuring out the trend in the market. Till the market stays above the 0.79 level, it will have significant buying interest to go higher. …Read More

USD/JPY

The market was flat during the day on Monday with slight weakness. Going through the chart, there might be fresh buyings coming into play with the support of 108.50 level underneath, which is the bottom of a longer-term consolidation area. Breaking below the level will pull the market lower towards the 105 level. The market is going to be difficult ahead, as geopolitical tensions and weak US dollar will make it more volatile. …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.