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Forex Daily Outlook – August 29, 2018

By:
Colin First
Published: Aug 29, 2018, 08:05 UTC

EUR/USD The Euro rallied significantly against the USD in the Tuesday's session breaking above the 1.17 level which is a very positive sign in the market.

Forex Markets

EUR/USD

The Euro rallied significantly against the USD in the Tuesday’s session breaking above the 1.17 level which is a very positive sign in the market. It’s likely that the market has factored in the Turkish crisis and is looking to move higher. With USD going soft, the next target level for the market will be at 1.18 level, and a break above there could lead to the pair reaching 1.20 level. …Read More

GBP/USD

The GBP continued with its bullish streak in the yesterday’s session reaching towards its recent highs. The market is facing a bit of resistance there and once it breaks above this point, it will reach towards the 1.30 level,which is a large psychologically significant number. Overall, the market will continue to be volatile as it continues to see progress in the Brexit negotiations and 1.2750 level underneath is going to be the floor of this market. …Read More

AUD/USD

The AUD tried to break above the important 0.7350 level in the yesterday’s session but failed as the level is massively resistive. A break above this level can lead to the pair reaching towards the 0.75 level and higher. Going forward, the market will continue to react to the US-China trade talks as Australian economy is sensitive to Chinese one. The 0.72 level underneath will continue to offer a strong support to the pair. …Read More

USD/JPY

The USD initially bounced higher during the yesterday’s session reaching towards the 111.50 level but then pulled back to test the 111 level again. This is obviously a psychologically significant number and will continue to attract buyers. The market movements in the last several sessions indicate that the pair will continue consolidate between the 110.80 and 112 level in next several sessions. If it breaks down below the 110 level, then it will be significantly negative and will further roll over. …Read More

About the Author

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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