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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – August 7, 2017
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EUR/USD The pair initially started its day with a sideways movement on Friday, but then fell strongly towards 1.1750 level underneath after the strong job
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EUR/USD
The pair initially started its day with a sideways movement on Friday, but then fell strongly towards 1.1750 level underneath after the strong job numbers came out from the US. The pair has strong support in the around the level and on the weekly chart, the pair is trying to form shooting star candle. The present market is not ideal to buy as we are far overextended at this point. The rallies will be selling opportunity in the market and the market will try to move towards 1.15 handle underneath, which is the floor in this market. …Read More
GBP/USD
The market initially started on a cautious note moving in a sideways direction but then broke down significantly after the jobs data in the US released. The British pound is quite volatile and given up the gains in the last couple of session it had after the breakout of 1.30 level underneath. The 1.30 level is quite supportive and breakdown below will take the market towards 1.2850 level. Every rally from here will be the selling opportunity until we break above the 1.32 level. …Read More
AUD/USD
The AUD started on a bullish trend on Friday but found enough resistance around 0.7950 to roll over. It was anticipated as the US reported better job data numbers. The US dollar has outperformed most of the currencies around and it also sent Gold prices lower. Unable to break above the important level of 0.80 and strong dollar will make the market to move lower. The 0.79 level is a support region and if it breaks below, then next target level will be 0.7750. …Read More
USD/JPY
The traders turned bullish in the pair after the better than anticipated US non-farm job data released which boosted the market. Initially, on Friday the market was on sideways direction but shot up towards the 111 level later. With this data. the market now is anticipating a quick rate from the Fed, which will help the pair to move toward 1.1250. The market will continue to be volatile and Buy dips is the ideal way to play this market. …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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