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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – August 9, 2017
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EUR/USD The pair started with a sideways movement and continuing through most of the day testing the 1.18 level of support on Tuesday's session but fell
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EUR/USD
The pair started with a sideways movement and continuing through most of the day testing the 1.18 level of support on Tuesday’s session but fell sharply by 60 pips in an interval of 45 minutes after American markets opened. The market is showing the signs of exhaustion and may target the 1.15 level underneath which is a major support zone. Strong job numbers from the US is helping the dollar to move stronger. Any rally in the market in short term will be a selling opportunity. Buyers will refrain to enter this market till any strong reversal sign comes through. …Read More
GBP/USD
The market opened slightly upward but soon found to be under pressure and drifted lower towards 1.30 level on Tuesday’s session. If the pair breaks the psychological level of 1.30 then the market will go much lower towards 1.2850 handle. The bounce from the current level in the market should clear the 1.3050 handle till then it will be the seller’s market and any short term rally will be a selling opportunity. The concern of Brexit and the dollar gaining strength is putting pressure on the pair. …Read More
AUD/USD
The pair initially tried to rally but found enough resistance to cross the 0.7950 level and turned down to close towards the 0.79 level. The market is failing to break the upper resistance signifies of weakness and may break the 0.79 level. The gold prices will give the necessary direction to the market as AUD is highly influenced by the gold market beside the dollar. The market is turning out to be the seller’s market with continuous fall from support levels in the last couple of sessions. …Read More
USD/JPY
The pair initially fell towards the 110.25 as the dollar was showing signs of weakness but it turned up wiped out all the losses of the day. THis comes after the announcement that the US may have more than 6 million available. This could help the Federal Reserve to move quickly on the interest rate hike which will support the dollar in coming days. The market has turned up against the uncertainty which loomed over the past weeks. There is less chance of the pair to fall below the 110 handle and it will look forward to the 112.50 in short to mid term. …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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