Forex Daily Outlook – August 2, 2018

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Published: Aug 2, 2018, 07:31 UTC

EUR/USD The Euro pulled back slightly during the Wednesday's session reaching down towards the 1.1675 level which offered a bit of support. The market is

EUR/USD

The Euro pulled back slightly during the Wednesday’s session reaching down towards the 1.1675 level which offered a bit of support. The market is likely to be in a range bound movement until the US job numbers are released on Friday. The 1.1650 level underneath is a strong support point for the market and if Friday’s job number misses estimates, then it will bounce higher significantly from here. …Read More

GBP/USD

The pair moved a little during the Wednesday’s session as it found the 1.31 level as supportive. The market is likely gaining momentum around the region and may bounce higher from here. If the job numbers from the US miss estimates, then this pair is going to go higher probably reaching towards the 1.3250 level. If the pair breaks down below the 1.31 level, the possibly 1.30 level underneath will offer the much-needed support. …Read More

AUD/USD

The AUD bounced higher using the 0.74 level as support during the yesterday’s session. This is a large, round, psychologically significant level that makes sense to offer at least short-term support. The AUD is likely to trade in a range bound fashion with 0.75 level above is going to be difficult for the market to break above. …Read More

USD/JPY

The USD initially shot higher during the yesterday’s session but turned back to test for support underneath as it was looking for some direction from the outcome of FOMC meeting. Now, it has categorically said that the interest rate hike is not expected soon on the back of strong economic activity, the pair is expected to move higher from here with a target of 112.50 level and eventually 113 level. …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.