Forex Daily Outlook – August 1, 2018

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Published: Aug 1, 2018, 09:38 UTC

EUR/USD Euro started the Tuesday's session with a bullish momentum, reaching towards the 1.1750 and trying to break above the level. But due to the

EUR/USD

Euro started the Tuesday’s session with a bullish momentum, reaching towards the 1.1750 and trying to break above the level. But due to the presence of strong resistance above, the pair pulled back significantly from there. It is expected that in the short term, the pair will be in a range bound fashion between 1.16 and 1.1750 level. The Friday’s session is expected to provide some directions to the market on the back of job numbers from the US. …Read More

GBP/USD

The pair is finding the 1.31 level as a magnet, as in the yesterday’s session British Pound rallied significantly reaching as high as 1.3175 level but rolled over significantly from there. The 1.31 level underneath is offering a strong support and market is expected to be extremely noisy and probably “buy the rumour and sell the news.” The 1.32 level above is a strong resistance point for the market with 1.30 level underneath is acting as a bit of floor in the market. …Read More

AUD/USD

The AUD initially rallied a bit in the yesterday’s session but due to lot noise around the market, it failed to hold the gains and rolled over. The market is expected to remain noisy for the rest of the week, until Friday when there will be some clarity on the direction on the back of job numbers from the US. The 0.74 level is offering a bit of support to the market with strong support around the 0.7350 and 0.73 level. …Read More

USD/JPY

The pair shot higher during the yesterday’s session breaking above the 111.50 level after the Bank of Japan meeting with no positive outcome for the Yen. The 111 level underneath is going to offer strong support to the market and is likely looking towards the 112.50 level. The widening interest rate gap between the two economies will continue to send this pair higher. …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.