Forex Daily Outlook – February 6, 2019

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Published: Feb 6, 2019, 10:28 UTC

EUR/USD The Euro was choppy throughout the Tuesday's trade session and fell to reach down towards the 1.14 level. The Fed's dovish attitude towards rate

EUR/USD

The Euro was choppy throughout the Tuesday’s trade session and fell to reach down towards the 1.14 level. The Fed’s dovish attitude towards rate hike and also a lot of issues within the European Union is keeping the pair volatile. At this point, the 1.15 level above will continue to be a major resistance and if it breaks below the 50 Day EMA, then the pair will probably breakdown towards the 1.13 level. …Read More

GBP/USD

The British Pound has quite negative during yesterday’s session, breaking below the 1.30 level and also the 200 Day EMA. If the pair fails to bounce above the 200 Day EMA, then it would be negative and it could break towards the 1.28 level or even lower. Going forward, the 50 & 200 Day EMA level will continue to attract a lot of attention and will remain volatile. …Read More

AUD/USD

The AUD ran into stiff resistance at the 200 Day EMA slope which is currently placed at the psychological 0.7250 level, in yesterday’s session and pulled back significantly. The pair will continue to experience a lot of difficulties breaking above and will continue to sell on every rallies until the fundamentals changes. The 0.70 level underneath is strong support for the pair. …Read More

USD/JPY

The USD tried breaking above the 110 level in the yesterday’s session but failed as the 50 Day EMA above is offering too much resistance. With Federal Reserve going soft of the interest rate hike, the pair is likely to further loose momentum and will continue to witness selling pressure on every rally. The 105 level underneath will continue to be an important support level for 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.