Forex Daily Outlook – August 6, 2018

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Published: Aug 6, 2018, 09:34 UTC

EUR/USD The pair continued to trade noisy during the Friday's session as the overall forex market witnessed a lot of volatility. The weak job numbers from

EUR/USD

The pair continued to trade noisy during the Friday’s session as the overall forex market witnessed a lot of volatility. The weak job numbers from the US didn’t help the pair to regain bullish momentum and fell back below the 1.16 level. The selling is expected to continue in the market with a short-term target of 1.15 level which is also the floor of this market. …Read More

GBP/USD

The pair ran into a troubled ground in the Friday’s session as it failed to take the advantage of weak job numbers and tested the 1.30 level underneath. Due to concerns relating to Brexit and the political development within the conservative party within the UK is keeping the market under pressure. However, if it breaks below the 1.30 level, then it will be a bit negative and buyers will elude from the market. …Read More

AUD/USD

The AUD rallied significantly during the Friday’s session slamming into the 0.74 level after the release of job numbers but eventually, the bullish momentum dried up. The market is likely to face a lot of issues clearing above the 0.74 level, with 0.7350 level offering strong support to the market. If the market breaks above the 0.7425 level, then it could go much higher perhaps reaching towards the 0.75 level. …Read More

USD/JPY

The USD pulled back slightly in the Friday’s session after rallying initially as the July job numbers missed estimates. The pair is likely to trade under pressure in the next few sessions before rallying again. The 111 and 110.50 level underneath is going to offer strong support and 112 level above will be the resistance point. In the long term, wide interest rate differential will continue to favour the market. …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.