Forex Daily Outlook – July 24, 2018

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Published: Jul 24, 2018, 08:17 UTC

EUR/USD The market started the week with negative momentum as the 1.1750 level offered strong resistance and witnessing too much as a supply. The pair is

EUR/USD

The market started the week with negative momentum as the 1.1750 level offered strong resistance and witnessing too much as a supply. The pair is likely to break further from here, probably breaking below the 1.17 level. In the short term, the market is likely to remain volatile and choppy and go down towards the 1.1650 level, even as low as 1.16 level. …Read More

GBP/USD

The British Pound had been quiet and stable through the yesterday’s session as it continued to hover just above the 1.31 level. The market has rallied significantly in the past two sessions and it is expected that the market will run through strong resistance around the 1.3150 level. The market is expected to remain volatile and noisy due to Brexit and Teresa May and the pair will find a certain amount of support near the 1.31 level. …Read More

AUD/USD

The AUD started the week crashing towards the 0.74 level, an area which is important in the long-term chart. The pair managed to bounce slightly higher at the end of the session showing signs of strength. If the pair breaks below the 0.74 level, then the market will continue to break down towards the 0.7350 level. Short-term rallies will continue to offer selling opportunity, especially near the 0.7450 level. …Read More

USD/JPY

Continuing with the Friday’s momentum, the pair crashed significantly in the yesterday’s session slicing through the 111 level only to bounce a bit. The uptrend line beneath is acting as a strong support line and is attracting value hunters. The market has lost all of the positive bullish momenta it had in the past week and is expected to continue trading under negative pressure. …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.