Forex Daily Outlook – February 7, 2019

Colin First

EUR/USD

The Euro drifted further lower during Wednesday’s session, reaching down to the 1.1350 level. The pair is likely to test the 1.13 level, which is acting as a floor of the market. The market is likely to continue choppy as it has also broken below the 50 Day EMA. Given enough time, the pair is expected to gain enough momentum to rally higher as weakness in the USD is likely to continue due to Fed’s dovish stance. …Read More

GBP/USD

The pair is experiencing strong support at the 50 Day EMA slope and is trying to rally higher but the 200 Day EMA situated just above is offering a bit of resistance. If the pair breaks above the 1.30 level, then it will be bullish and will move further higher towards the 1.32 level. If the pair breaks the yesterday’s low level, then the pair is likely to go to the 1.27 level after that. …Read More

AUD/USD

The AUD sold-off significantly in yesterday’s session, breaking below the supportive 50 Day EMA to reach towards the 0.7050 level. The pair is expected to remain volatile due to the weak fundamentals around. The fact is AUD is highly leveraged to the Chinese economy and until their economy picks up, bearish sentiment around the pair will be seen. …Read More

USD/JPY

The USD pulled back against the JPY in the yesterday’s session after testing the 50 Day EMA and also the 110 level is offering very stiff resistance. Given the Fed’s dovish stance on future rate hikes, the USD will continue to lose momentum and will be difficult for the pair to move higher. Alternatively, if it breaks below the 108 level, then it will go down to the 105 level next. …Read More

 

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