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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – November 2, 2017
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EUR/USD The markets were slightly lower during the session on Wednesday as weak buildup due to the dovish outlook from ECB remained in the market. The
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EUR/USD
The markets were slightly lower during the session on Wednesday as weak buildup due to the dovish outlook from ECB remained in the market. The market is now more likely to reach the 1.16 level underneath in next few sessions with strong resistance at 1.17 level. The head and shoulder pattern on the daily chart indicating of weakness to continue further towards the 1.13 level and below. Going forward, the market will remain on the negative side of the territory and market will be on sell on rallies until it successfully breaks above the 1.1725 level. …Read More
GBP/USD
The market went on a back and forth movement initially rallied towards the 1.33 level but then pulled back from there to reach 1.3250 level below. This level is providing support to the market and if it further breaks down from here then next support will be at 1.32 level. Overall the trend of this market is very positive and the higher high it has formed will help this market to scale new highs towards the 1.3650 level. …Read More
AUD/USD
The pair initially tried to rally higher by breaking above the 24-hour exponential moving average but the resistance at the 0.77 level is restricting the movement of the market. The market is likely to witness the selling pressure to continue and if it breaks below the 0.76 level then next target for the market will be at 0.75 level. With Federal Reserve looking forward to raising the interest rate, this market will continue to face extreme selling pressure. …Read More
USD/JPY
The pair initially went higher during the day on Tuesday but then pulled back to test the 24 hours moving average again in later part of the day. The 114.50 level above is a strong resistance zone, so it is expected to become choppy around it. The immediate support for the market is 113.50 and 113 eventually. If the pair successfully breaks above the 115 level then it is expected to scale fresh new highs towards the 118 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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