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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – November 6, 2017
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EUR/USD The pair was initially in the sideways direction on Fridays but later turned volatile to move back and forth. It tried to rally above the 1.17
EUR/USD
The pair was initially in the sideways direction on Fridays but later turned volatile to move back and forth. It tried to rally above the 1.17 level but got too much resistance and turned back. The downside momentum is likely to continue towards the 1.13 level and is also the 50 percent Fibonacci retracement level from the larger move. The dovish outlook from ECB chair Mario Draghi will continue to pull this market down and with Fed’s new chairman-elect Jerome Powell, the market will continue to favour the dollar for some time now. …Read More
GBP/USD
The pair rallied a bit during the Friday’s session after mammoth fall in the market post rate cut by Bank of England. The bearish pressure in the market is because the raising of interest rate is seen as a one-time thing and market assumed it as going to several hikes. Going forward, the bearish pressure will continue in the market with Fed looks very certain on raising interest rate in near future. A break down below 1.30 level will pull the market lower rapidly towards the 1.2750 level and then towards 1.25 level eventually. …Read More
AUD/USD
The pair broke down towards the 0.76 level during the Friday’s session as the job data from the US missed the estimated number. Any rally in the gold prices will benefit this market as it goes ahead. The pair has strong support near the 0.76 handle and then at 0.75 level which will offer more structural support to the market. In the higher side, the 0.7750 level will offer significant resistance extending up to 0.78 level. Going forward, the AUD will continue to struggle as strong momentum in the USD will weigh this market down. …Read More
USD/JPY
The pair was in back and forth movement during the Friday’s session, rallying towards the 114.50 level but faced significant resistance going above. The pair will be quite volatile as the resistance extending to the 115 level. The bullish trend in the pair is likely to continue with Federal Reserve is most likely to hike interest rate in several tranches. The market players should try to take further cues from the ZN futures market as there is a negative correlation in the returns of 10-year notes. The 113 level is a massive support region for the pair. …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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