EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – November 8, 2017

By:

Published: Nov 8, 2017, 09:49 UTC

EUR/USD The market drifted a bit lower during the Tuesday's session reaching towards the 1.550 level as it continued its downtrend momentum. The weakness

Forex Trading Signals - November 08, 2017

EUR/USD

The market drifted a bit lower during the Tuesday’s session reaching towards the 1.550 level as it continued its downtrend momentum. The weakness in the counter is mainly due to the ECB’s decision to continue with the QE which made the EURO weaker. Going forward, the pair will continue to trade weaker with a target of 1.13 level. The market is also gaining due to believe that Fed will do ahead with the rate hike in next month. …Read More

GBP/USD

The British Pound was a bit choppy during the yesterday’s session, initially falling towards the 1.31 handle but regained strength to bounce back. The pair has good support at the 1.31 level extending down to the 1.30 level. The market is likely to continue with positive momentum towards the 1.3250 in few trading session and if it breaks above this level then the market should go higher reaching towards the 1.33 level and 1.35 level eventually. …Read More

AUD/USD

The AUD continued its negative streak during the Tuesday’s session significantly falling toward the 0.76 level underneath which is also an important psychological support level. If it breaks below this level the market will be very vulnerable to negative news flow and will send this market down to 0.73 level. A break above 0.77 level will help this market to negate some of the selling pressure. …Read More

USD/JPY

The USD continued it positive streak during the day on Tuesday reaching towards the 114.30 level but from there it pulled back slightly. The market is now looking forward to break above the 114.50 level which is the starting of massive resistance extending up to 115 level. The market during the period will be very choppy and any pullback during the period will be a nice buying opportunity into the market. The market has a very good support at the 113.50 level extending down to 113 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.