Forex Daily Outlook – January 7, 2019

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Published: Jan 7, 2019, 09:40 UTC

EUR/USD The pair initially rallied a bit during the Friday's session but has rolled over after the strong job numbers came in from the US. The market

EUR/USD

The pair initially rallied a bit during the Friday’s session but has rolled over after the strong job numbers came in from the US. The market continues to trade in a tight range between 1.13 and 1.15 level, as the pair weather too many issues around it. Going forward, the market will continue to struggle until it breaks above the 1.15 level. …Read More

GBP/USD

The British Pound rallied slightly above the 1.27 level during Friday’s session as the market continues to be a lot noisy. This market will continue to seller’s market and rallies will be immediately sold off as there is no change in fundamentals. The 1.25 level underneath should offer support, that extends down to the 1.22 level. The 50 and 200 Day EMA continues to offer strong resistance. …Read More

AUD/USD

The AUD rallied significantly during the Friday’s session breaking above the 0.71 level, despite the strong US job numbers. It is expected that the sell off will continue in the market as USD will strengthen against the weaker currencies including AUD. The 0.70 level and 0.68 level underneath will continue to offer strong support and until it breaks above the 50 Day EMA and 0.7250 level, the bearish momentum will continue. …Read More

USD/JPY

The USD rallied slightly higher during the Friday’s session after the Nonfarm payroll data came out. But, it is expected that the market will continue to trade with bearish attitude and rallies will be a nice selling opportunity. The 110 level above is massively resistive and will be difficult for the market to break above. Underneath, the support runs down to 105 level, that extends to 100 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.