EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – October 3, 2017

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Published: Oct 3, 2017, 08:59 GMT+00:00

EUR/USD The negative pressure on the pair continued through the day on Monday, in response to the Catalonia referendum on Independence. During the day the

EUR/USD

The negative pressure on the pair continued through the day on Monday, in response to the Catalonia referendum on Independence. During the day the pair slipped below the 1.1750 level found support near the 1.1725 level underneath to move upside near the 1.1750 level. Since the breakout above the 1.15 level, the pair remains the positive side of the territory with 1.25 level as a long-term target. The market will remain volatile in the near term as the disturbance in the Spanish region which will pull the market down and ECB likely to take some steps away from quantitative easing which will support the pair. …Read More

GBP/USD

The pair broke down on Monday’s session towards the 1.3250 level as it was struggling to retain the level above. The pair has formed a hammer candle pattern on the hourly chart, which indicated of buying from the lower level. If the pair break above 1.3320 level then the market is poised to go higher and if breaks down below the 1.3250 level, it will negative for the market. With Bank of England looking to raise interest rate in the near term which will essentially support the market to go higher. Right now, the pair is facing a strong resistance near the 1.34 level and until it breaks above the 1.3650 level, buying on dips will be the right strategy to play this market. …Read More

AUD/USD

The AUD was volatile during the session on Monday, initially breaking the 0.78 level but bounced above. The support in this region exceeds towards the 0.7750 level so the market will experience some amount of bounce in this area. If the market breaks below the 0.7750 level, it will be very negative for the market and next support level stands at 0.75 level. In upper side, the 0.80 level is still a major resistance area and needs support from the gold market to move higher. …Read More

USD/JPY

The USD has been bit volatile during the Monday’s session, fell towards the 112.50 level again. This level has been both support and resistance zone as of late and providing some amount of attraction to the buyers. If the market gets more risk on kind of trade, then it should go higher. The market is now very much positive and a move towards the 115 will not be an issue for this market. …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.