Forex Daily Outlook – August 31, 2018

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Published: Aug 31, 2018, 10:33 UTC

EUR/USD After its recovery from the 1.1650 level in the Wednesday's session, the Euro pulled back again during early trading on Thursday. The 1.1650 level

EUR/USD

After its recovery from the 1.1650 level in the Wednesday’s session, the Euro pulled back again during early trading on Thursday. The 1.1650 level is offering strong support to the market and it is likely that the pair will find reasons to rally given enough time. A break above 1.17 level will be positive for the market and will be looking towards the 1.18 level above next. …Read More

GBP/USD

The British Pound shot higher significantly during the yesterday’s session after it was announced that EU and UK may be getting close to a deal. The pair broke through the 1.30 level and continued to hold on the gains. The 1.2980 level underneath is offering strong support to the market and will probably continue to move higher. Also, moving forward the market will continue to experience a lot of choppiness. …Read More

AUD/USD

The AUD continues to witness bearish pressure during the yesterday’s session pulling back towards the 0.7275 level, which is offering a strong support to the market. If the pair breaks below this level, then it will further reach down towards the 0.7250 level and 0.72 level after that. The 0.7350 level above continues to offer strong resistance and moving forward, the market will continue to be extraordinarily noisy and volatile. …Read More

USD/JPY

The USD pulled back against the JPY during the yesterday’s session showing signs of cooling off. With USD continues to trade soft against most of the major currencies, this pair will also continue with the same trend. Overall, the market will continue to be volatile and 111 level underneath will offer a major support to the pair. …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.