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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – October 4, 2017
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EUR/USD The pair rose significantly after falling below the key support area of 1.1725 level during the day on Tuesday. This level has been the magnet for
EUR/USD
The pair rose significantly after falling below the key support area of 1.1725 level during the day on Tuesday. This level has been the magnet for the market in recent trade sessions amid volatility. If the market sustains above this region then the market will look towards to cross above the 1.18 level and then perhaps towards the 1.1850 level. Buying on dips in this market is the best way to play this market till the market sustains the 1.17 level underneath. …Read More
GBP/USD
The British Pound traded with a negative proclivity during the day on Tuesday moving towards the 1.32 level. The market is going through a lot of choppiness in the recent session. Any breakout above the 1.33 level will be very bullish for the market and will send this market towards the 1.35 level. Going forward, the market is expected to get support around the 1.32 level and if it breaks down then it will be very negative for the market and will break down towards the 1.30 level and below. …Read More
AUD/USD
The AUD was extremely volatile during the session on Tuesday. The pair initially broke below the 0.78 level but got enough support to rally above. The support in this region exceeds towards the 0.7750 level so the market will experience some amount of bounce in this area. Going forward, the market will be difficult to trade as support from gold prices are starting to bottom out after the huge surge in the recent past. Until the market clears above the 0.80 level, new buying will be difficult to come. …Read More
USD/JPY
The pair started the yesterday’s session moving higher towards the 113.25 level but then rolled over to the 112.75 level. Yesterday’s move indicated the continuing bullish trend in the market and the risk appetite of traders will push this market higher. Going forward, the market is expected to move higher towards the 114.50 and 115 level with 112 as a support. Hawkish stance of Federal Reserve on rate hike and tightening of the balance sheet will provide strength to the 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.
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