Forex Daily Outlook – July 10, 2018

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Published: Jul 10, 2018, 09:16 UTC

EUR/USD The pair started the week with a bullish momentum, reaching towards the 1.18 level, an area which is massively resistive. The pair eventually

EUR/USD

The pair started the week with a bullish momentum, reaching towards the 1.18 level, an area which is massively resistive. The pair eventually pulled back lower reaching towards the 1.1750 level at the end of the session. The market is likely to struggle a bit to break above the massively resistive 1.18 level that extends up to 1.1850 level. The current market movement is affected by multiple factors including political developments in Europe and trade war scenarios. Any short-term pullbacks will continue to attract buyers into the market. …Read More

GBP/USD

The British Pound initially gapped higher during the yesterday’s session and then pulled back to fill the gap, and then exploded higher. The market is trying to break above the 1.3350 level, which is an important level in the long-term chart. A break above will send the market much higher possibly towards the 1.35 level. The 1.33 level underneath is expected to be the floor of this market and a break below this level will be negative. …Read More

AUD/USD

The pair rallied significantly during the yesterday’s session but failed to break above the 0.75 level which continues to offer strong resistance. The market needs a significant amount of bullish force to break above this level. If the market manages to stay above the 0.7450 level, buyers will get attracted to the market and if it breaks below, then the market will further rollover towards the 0.74 level. …Read More

USD/JPY

The dollar went sideways through most of the day, hanging around the 110.50 level, an area which has significant psychological importance. The market is trying to gain momentum around the region to break above the 111 level, which will be a positive development and send this market higher perhaps reaching towards the 112.50 level. A break below 110 level will further break this market towards the 109 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.