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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – November 1, 2017
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EUR/USD The pair was mostly sideways during most part of the session on Tuesday, hovering just above the 1.16 level. The market has recently broken the
EUR/USD
The pair was mostly sideways during most part of the session on Tuesday, hovering just above the 1.16 level. The market has recently broken the head and shoulder pattern on the daily chart indicating of weakness to continue and will go as low as 1.13 level underneath. In the higher side, the 1.17 level is a massive resistance zone. The market is expected to be noisy as Fed possible early rate hike and ECB’s dovish outlook on the rate hike. Until this market breaks above the 1.17 level, the bearish hangover is expected to continue in the market. …Read More
GBP/USD
The market was initially sideways in the Tuesday’s trade but then shot higher to reach the 1.3250 level. This is an important level for the market as a close above will lead to market reaching fresh highs towards the 1.3650 level which is also a long-term consolidation zone. If the market succeeds in crossing above this zone it will help to cover the gap it has made post the surprise announcement of Brexit. …Read More
AUD/USD
The AUD continued its negative streak during the day on Tuesday as it went towards the 0.7650 level. This market is expected to continue weak as gold prices are also cooling down a bit and strength in USD will pull down the market. If this market breaks below the 0.76 level then the market should go down towards the 0.75 level more rapidly. A break above 0.78 level will help to negate the overall negative buildup in the market. …Read More
USD/JPY
The pair was initially sideways in most part of the day on Tuesday and then tried to rally towards the 113.50 level but found too resistive to cross over. This looks like this market is going to roll over the 113 level or 112 level in coming sessions. There is a good buying opportunity if market corrects a bit from here as a break above 113.50 level will result in market going much higher towards the 115 level. …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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