Forex Daily Outlook – August 30, 2018

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Published: Aug 30, 2018, 10:08 UTC

EUR/USD The Euro pulled back during the Wednesday's session reaching down to the 1.1650 level, as the US second-quarter GDP growth figures came out better

EUR/USD

The Euro pulled back during the Wednesday’s session reaching down to the 1.1650 level, as the US second-quarter GDP growth figures came out better than anticipated. Because of this, the market is experiencing a bit of pressure on the top but eventually, it will start to rally again and reach towards the top of the consolidation area around the 1.18 level. Pullbacks in the market will continue to offer a nice buying opportunity in the market. …Read More

GBP/USD

The British Pound went back and forth during the yesterday’s as it was lacking a bit of direction and also the US reported better than expected second-quarter GDP figures. The Brexit issue will continue to induce confusion in the market which will keep it a bit noisy. The 1.28 level underneath will offer a strong support to the pair and 1.30 level above is a strong resistance level. …Read More

AUD/USD

The AUD lost the significant part of the bullish momentum in the yesterday’s session as it broke down towards the 0.73 level. This is a very negative development for the market and until it breaks above the 0.7315 level again, selling pressure is likely to continue. Going forward, the market is likely to trade with negative biases with 0.72 level underneath is acting as a floor of this market. …Read More

USD/JPY

The USD rallied nicely during the yesterday’s session reaching towards the 111.50 level on the back of positive signals from the US. The market is likely to continue to reach higher but 111.50 level is offering a bit of resistance. Once it clears above this level, then it will move further higher towards the 112 level. The market seems to be currently moving in a 50 pips increment and will continue to move in a similar fashion. …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.