EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – October 30, 2017

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Published: Oct 30, 2017, 08:13 UTC

EUR/USD The weakness in the pair continued through the Friday's session as the pair is reacting to the dovish statement from ECB chairman Mario Draghi.

Forex Trading Signals - October 05, 2017

EUR/USD

The weakness in the pair continued through the Friday’s session as the pair is reacting to the dovish statement from ECB chairman Mario Draghi. The pair has slammed into the important 1.16 level which has also triggered the head and shoulder pattern which is a very bearish indication. The market will now be looking towards the 1.13 handle which is also a 50% Fibonacci Retracement. A move above 1.18 level will allow the market to negate the bearish phase. For the long-term traders, this market will provide value at the lower levels and short-term traders can be able to sell this market. …Read More

GBP/USD

The pair broke down significantly towards the 1.3075 level at the open on Friday’s session but got enough support to bounce back a little. A break above the 1.3150 level will confirm a bit amount of strength in the market and will able to scale new highs. Alternatively, if the pair goes below the 1.30 level then it will be very negative for the market and the market will sell-off more rapidly. Market will remain volatile as both Fed and Bank of England are planning on interest rate hike and as it happens, the market will witness some huge move either-side. …Read More

AUD/USD

The AUD was sideways in most part of session testing the support at 0.7630 level in Friday’s session and this is also the 61.8 percent in the Fibonacci Retracement. The 0.7750 will act as a ceiling to this market and any short-term rally in the market will find enough seller’s interest. Both US dollar and Gold prices are supporting this market to go higher as the Federal Reserve have stepped up effort for an early rate hike. …Read More

USD/JPY

The market was initially sideways direction on Friday, but as the pair tried to rally it started to face enough resistance towards the 114.50 level and fell back. The market has a significant resistance extended through the 115 level and until it breaks above that level long term buyers will find difficult to enter. The pair has strong support base at the 113.50, 113 and more importantly 112 level from where it will witness huge buying pressure. In the long term this market will attract value as rate hike by Fed will help this pair to go much higher. …Read More

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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.