Forex Daily Outlook – August 7, 2018

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Published: Aug 7, 2018, 08:17 UTC

EUR/USD The pair started the week negative as it fell down towards the 1.15 level underneath which offered a bit of support. This area is likely to

EUR/USD

The pair started the week negative as it fell down towards the 1.15 level underneath which offered a bit of support. This area is likely to attract a lot of attention from traders and is expected to bounce to the 1.1550 level and 1.16 level. If it further breaks down from here, then it will possibly break down towards the 1.13 level and will also be the start of another phase of bearish momentum. …Read More

GBP/USD

The pair crashed significantly during the yesterday’s session reaching downt to the 1.29 level underneath. The market looks very concerned about the Brexit right now and political developments within the UK. The pair is expected to remain noisy and trade around the 1.29 level and if it breaks furhter from there, then 1.2750 level underneath will offer next major support to the market. …Read More

AUD/USD

The AUD pulled back significantly during the yesterday’s session wiping out the major part of the Friday’s gain. The pair has significant amount of support underneath at the 0.74 level and 0.7350 level. And, because of this, the pair will likely to attract enough interest around it. Going ahead, the market will continue to be noisy and if it breaks the 0.7350 level then it will unwind towards the 0.70 level. …Read More

USD/JPY

The USD rallied slightly during the yesterday’s session breaking towards the 111.50 level and its look likely that the pair will now try to reach towards the 112 level. With most of major currencies losing significantly against the dollar, it is likely that USD will continue to be favour for next several sessions to come. Pullbacks will continue to be an excellent buying opportunity with a break above 112 level will send the pair higher towards the 114 level. …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.