Forex Daily Outlook – August 9, 2018

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Published: Aug 9, 2018, 07:33 UTC

EUR/USD The pair had been extremely volatile during the Wednesday's session reaching as high as 1.1625 level but retraced back to 1.1575 level to test its

EUR/USD

The pair had been extremely volatile during the Wednesday’s session reaching as high as 1.1625 level but retraced back to 1.1575 level to test its support. This level in the past has attracted a lot of attention from the buyers and it is likely that the market will continue to push higher from here. The 1.1625 level has turned significantly resistive and it market can break above that point, then it could start picking up momentum. …Read More

GBP/USD

Fears relating to Brexit gripped the market hard resulting in strong sell-off in British Pound against the USD. In the yesterday’s session, it broke below the 1.29 level, sending the market down towards the 1.28 level but it got a small bounce from the lower levels. If there are no significant changes in the sentiment of traders, the market will continue to break lower, possibly towards the 1.25 level or even 1.20 level. …Read More

AUD/USD

The AUD fell hard during the yesterday’s session reaching towards the 0.7375 level, an area which in past has seen a lot of demand. The 0.7350 level underneath continues to offer a strong support area, and the market can bounce from here. Given the concerns relating to Brexit, trade wars and the Australian economy, the market will continue to be volatile with 0.75 level above offering strong resistance. …Read More

USD/JPY

The USD fell hard against the JPY in the yesterday’s session, likely because of the concerns arising from the Brexit deal. The pair has a strong support around the 110.50 level and 110 level, so it has to be seen how the market plays around these levels. Right now, the market is clueless about the direction of the market and it is expected that for the next few sessions, the market will continue to remain volatile. …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.