Forex Daily Outlook – July 2, 2018

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Published: Jul 2, 2018, 07:20 UTC

EUR/USD The market gained strength in the Friday's session reaching as high as 1.1650 level due to an agreement between the EU countries on the

EUR/USD

The market gained strength in the Friday’s session reaching as high as 1.1650 level due to an agreement between the EU countries on the immigration crisis. The Friday’s rally in the market is expected to short-term as the overall market dynamics continue to be weak and extremely volatile. The 1.15 level underneath continues to offer strong support and as long it stays above this threshold, the market will continue to witness occasional bounce from pullbacks. …Read More

GBP/USD

The pair rallied significantly during the Friday’s session on the back of positive outcome from Europe on the issue of the immigration crisis. The rally in the market could help the British Pound to move higher towards the 1.32 level and if it breaks above, it could be significant. If the pair witnesses weakness, then the 1.31 level underneath will offer support. Overall the market will be extremely noisy and traders should maintain caution. …Read More

AUD/USD

The AUD was initially stable but jumped higher during the Asian session on Friday’s trade as the announcement of European immigration crisis came in. The rally could offer some relief to the market, but given enough time, the market could roll back as dollar gains strength. The market is holding up the 0.7350 level underneath as support, and if it breaks further then next major stop for the market will be at 0.72 level. …Read More

USD/JPY

The USD rallied against the JPY in the Friday’s session reaching towards the 110.75 level an area which is significantly resistive. If the pair breaks above this level and through the 111 level, then fresh new money is expected in the market. In the longer term, the market continues to be bullish and pullbacks like these offer good buying opportunity into the market. …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.