Forex Daily Outlook – August 8, 2018

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Published: Aug 8, 2018, 07:47 UTC

EUR/USD The pair regained bullish momentum during the Tuesday's session, as it bounced from the 1.1525 level to reach towards the 1.16 level. The bullish

EUR/USD

The pair regained bullish momentum during the Tuesday’s session, as it bounced from the 1.1525 level to reach towards the 1.16 level. The bullish sentiment in the market is likely to prevail in the next few sessions trying to reach towards the 1.17 and 1.1750 level. Going forward, the volatility in the market will be a mainstay and should continue to trade back and forth with a range-bound trading activity. …Read More

GBP/USD

The pair struggled to break above the 1.30 level in the yesterday’s session and fell lower at the end of the session. The market has a strong support around the 1.2950 & 1.29 level and is likely that buyers will try to control of the market there. A further break in the market will lead to a long-term bearish phase, perhaps sending the pair towards the 1.25 level over next several sessions. …Read More

AUD/USD

The AUD skyrocketed during the yesterday’s session reaching towards the 0.7450 level, an area which has been important in the past. The huge reversal in sentiment in the market is due RBA deciding on to hold the interest rates, rolling record low interest in its second year. Now, the pair is likely to target the 0.75 level above, which is a strong psycological level and will be difficult to cross over. A break above will lead the market to go much higher towards the 0.7750 level. …Read More

USD/JPY

The USD again crashed during the yesterday’s session reaching down towards the 111 level which one of the strong support zone. This region continues to attract a lot of buyer’s attention and could turn things around. The one or two session will be crucial for the market, and if it holds above the 111 level, then it will try to move higher again. A break below will send the market towards the 110.50 level and 109 level eventually. …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.