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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – August 31, 2017
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EUR/USD The pair fell towards the 1.19 level on Wednesday's session. The market is expected to consolidate around the 1.19 level before any rally. The
EUR/USD
The pair fell towards the 1.19 level on Wednesday’s session. The market is expected to consolidate around the 1.19 level before any rally. The pair is well supported around the 1.19 and 1.18 level underneath. The market is nearing Fibonacci retracement of 61.8 percent of the recent rally and is expected to get buying support from these levels. Longer term view of the market remains positive with a target of 1.25 level. …Read More
GBP/USD
Overall in Wednesday’s session, the market was flat all through out the day consolidating around the 1.29 level. The recent rally in British pound is more related to the weakness in the US dollar than any change in fundamentals. The market will continue to be weak with “sell on rallies” will be the right strategy for this market. Immediate support level for the pair is around 1.2850 and resistance at 1.3050. …Read More
AUD/USD
The AUD broke off just below the crucial 0.80 level and went down towards the 0.79 level. The massive selloff was triggered by the improvement in deteriorating Geo political tension and bullish US economic data which drove up the odds for a rate hike later in the year. The pair has strong support near the 0.79 level and if it breaks above the 0.7920 level then it will attempt for the 0.80 level again. In the event of breakdown below 0.79 level, it will go further down towards the 0.7875 level underneath. …Read More
USD/JPY
The pair set off higher on Wednesday’s session, clearing the key 110 level with the bullish pressure. The market is now out of the bearish sentiment, that was prevailing for past couple of sessions due to Geo political tension. It is expected to get fresh buying into the market to continue higher. It is important to keep an eye on the performance of the global stock market, if they go higher it is going to help the JPY to further scale higher. …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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