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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – August 8, 2017
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EUR/USD After the big fall in Friday's session, the pair was volatile and traded with a slightly upward bias on Monday. The way the pair lost its ground
EUR/USD
After the big fall in Friday’s session, the pair was volatile and traded with a slightly upward bias on Monday. The way the pair lost its ground from the upper level after the job data release, it is expected that market will be in a pullback mode towards 1.17 and then 1.15 which is the floor of this uptrend market. Closing below the level will change the market dynamics. Going forward we would expect the volatility to continue in the market and in short term pull back underneath will be the opportunity to enter the market. …Read More
GBP/USD
The market initially went with the sideways movement but dip in the later part after American markets opened up. The 1.30 level will be crucial for the market to maintain its uptrend and if it breaks below, then next target will be 1.2850 and move in a bearish trend. Going forward if we break above the 1.3075 level then the market will continue its uptrend movement towards 1.3150 and above. The pair will likely to consolidate as no major economic data is in the corner which would have affected the market. …Read More
AUD/USD
Initially, the AUD went higher but found enough resistance around 0.7950 level and rolled over to close flat. The fall happened on Friday is roughly the 50% Fibonacci retracement. We will continue to see weakness in the pair with 0.79 level acting as a strong support and 0.80 level as a tough resistance going back to decades on the chart. The strong dollar will affect the gold prices and AUD negatively with the market continuing to be choppy ahead. …Read More
USD/JPY
After the change of overall trend in the market on Friday, the market looks to challenge the 111 level, and there is enough strength in the market to break above. The pair tends to very highly leveraged to the 10-year bonds from both countries, Increasing bond rate will force the Fed hike interest rates which will favour the US dollar. going forward the next target will be 112.50 level and above. Buying on dips will be the right strategy 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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