EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – November 28, 2017

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Updated: Nov 28, 2017, 06:47 UTC

EUR/USD The market traded with a positive proclivity during the Monday's session, reaching towards the 1.1950 level but pulled back slightly from there.

EUR/USD

The market traded with a positive proclivity during the Monday’s session, reaching towards the 1.1950 level but pulled back slightly from there. The market is bit overextended at these level as it has gained significantly in the past couple of session. The market has crossed the below the 24-hour exponential moving average, so there is a high chance of pullback in the market and 1.1850 level is going to be massively supportive. Pullbacks in the market are going to be an excellent buying opportunity until it crosses the 1.17 level below. …Read More

GBP/USD

The market initially went sideways on Monday’s session but then gained enough strength to cross the 1.333 level above. On the daily chart, it has formed a shooting star pattern which is indicating a possible pullback. The area above is going to be massively resistive and any breakdown from here could take this market down towards the 1.32 level or much lower. Alternatively, if it crosses the day’s high then we can see the market going towards the 1.35 level and above. At this stage, buy on dips will be the right strategy to play this market. …Read More

AUD/USD

The market was extremely volatile during the Monday’s session as it rallied above the important 0.7650 level but then rolled over and dropped significantly. The market is very resistive at this price point and if it breaks below the 0.7585 level then it can go down further towards the 0.75 level. Lack of support from gold market is breaking this market further. Looking forward, the market will remain volatile and is likely to trade on the negative side of the territory. …Read More

USD/JPY

The downward pressure in the pair continued through the Monday’s session as it broke down towards the 111 level. The market is more likely to continue to go down towards the long-term bottom of consolidation zone i.e 108 level. The downward slope of the market will be supported by the weak dollar. Going forward, “sell on rallies” will be the right strategy for this market and if it can break above the 112 level then we can witness positive pressure at the counter. …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.