Forex Daily Outlook – August 27, 2018

By:

Published: Aug 27, 2018, 08:59 UTC

EUR/USD The Euro rallied significantly during the Friday's session breaking above the 1.16 level, as the market recovering from the Turkish crisis and

EUR/USD

The Euro rallied significantly during the Friday’s session breaking above the 1.16 level, as the market recovering from the Turkish crisis and technically also the pair was bit oversold. The 1.1650 level will continue to offer strong resistance and will difficult for the market to cross over as the volatility in the market persists. Going forward, the market will witness pullbacks with major support at 1.15 level which will offer a nice buying opportunity. …Read More

GBP/USD

The pair witnessed extreme volatility in the Friday’s session due to general softness in the USD coupled with Brexit concerns among traders. The pair initially dropped lower but bounced higher from the 1.28 range which offered a bit of support. If the market breaks above its next major resistance around the 1.29 level, then it will open the door towards the 1.30 level, which is a psychologically one but also market will remain volatile. …Read More

AUD/USD

The AUD broken higher from the 0.73 level during the Friday’s session showing signs of resiliency as the political situation back in Australia looks stable. With USD going soft, the market is now eyeing to break above the 0.7350 level which is one of the strong resistance level and if it breaks above this level, then it can reach towards the 0.75 level easily. …Read More

USD/JPY

The USD has finally started to rally against the JPY which was amiss from the market. The pair reached the 111.50 level in the Friday’s session but then pulled back slightly as the area above is massively resistive. Pullbacks in this market will only attract buyers which will help this market to target above the 112.50 level. The 111 level underneath has plenty of support and is expected that market will hold this level in case of downturn. …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.