Forex Daily Outlook – August 10, 2018

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Published: Aug 10, 2018, 08:34 UTC

EUR/USD The bears have taken a strong grip over the market in the past 24 hours as the pair closed below the 1.1527 level during the Thursday's session.

EUR/USD

The bears have taken a strong grip over the market in the past 24 hours as the pair closed below the 1.1527 level during the Thursday’s session. The market is concerned ahead of the US CPI release. The 1.15 level is the important and psychological support level for the market and a break below this will be extremely negative and could go as low as 1.13 level. …Read More

GBP/USD

The British Pound was mostly sideways during the yesterday’s trading session hovering just above the 1.29 level testing for support. The market continues to look weak and concerned ahead of US CPI data which is expected today and also due to Brexit. The 1.30 level continues to offer strong resistance point and if the market breaks below the 1.29 level, then it can further break towards the 1.27 level. …Read More

AUD/USD

The AUD was very noisy in the yesterday’s session as initially, it tried to rally but gave back the gains. The yesterday’s volatility in the market is most likely due to the statement coming out from North Korea about the denuclearization deal may not go through if certain things don’t happen which is definitely a big setback for the Trump administration. The 0.7350 level continues to offer strong support with 0.75 level acting as a ceiling for the market. …Read More

USD/JPY

The USD initially surged higher during the yesterday’s session but got enough selling pressure to turn back and reach towards the 111 level as this area continues to offer some kind of attraction to the market. This pair is very sensitive to the developments in the world market and given the situation relating to geopolitics, trade wars and macro-economics development, this pair will continue to remain volatile. A 110.50 level underneath continues to offer support 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.