Forex Daily Outlook – July 31, 2018

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Published: Jul 31, 2018, 10:28 UTC

EUR/USD The Euro bounced higher during the Monday's session reaching towards the 1.17 level as the market is experiencing a lot of buying pressure around

EUR/USD

The Euro bounced higher during the Monday’s session reaching towards the 1.17 level as the market is experiencing a lot of buying pressure around the region. If it can break above the 17.30 level in near term, then it will head towards the 1.1750 level. But, after that, it will be difficult for the market to break higher and need external support in the form of news from the central bank or job data later this week. …Read More

GBP/USD

The pair witnessed a small rally during the yesterday’s session from the 1.31 level as the area around is providing strong support to the market. The market is likely to move towards the 1.32 level above and once it breaks above this level then next major resistance point will be at 1.3250 level. The market is expected to be noisy in coming sessions as job figures later this week and Brexit issues will keep the market under pressure. …Read More

AUD/USD

The AUD continued to remain choppy through the Monday’s session, hovering around the 0.74 level after initially pulling back. The market is expected to continue noisy and is waiting for further directions which are due later this week in form of job numbers and certain outcome on interest rate hike. The 0.7375 level underneath will offer short-term support to the market with 0.7475 level above will be immediate resistance for the market. …Read More

USD/JPY

The USD had a very quiet session against the JPY in the yesterday’s session as it hovered just above the 111 level. The market is likely to continue in the same fashion in the next few sessions as later in the week job figures and outcomes from Federal Reserve on interest rate hikes. And, on the other side, extremely loose monetary policy from the Bank of Japan will help the pair to scale higher in the coming sessions. …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.