Forex Daily Outlook – July 6, 2018

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Published: Jul 6, 2018, 07:02 UTC

EUR/USD The market rallied significantly during the Thursday's session reaching towards the 1.1725 level, an area which is massively resistive. A break

EUR/USD

The market rallied significantly during the Thursday’s session reaching towards the 1.1725 level, an area which is massively resistive. A break above this level could send market much higher, perhaps towards the 1.1850 level. The bullish reversal in the market is due to hopes of early interest rates hikes from ECB and has been in n oversold condition for quite some time. The 1.1650 level underneath will continue to offer support to the market. …Read More

GBP/USD

The British Pound continued to move higher in the yesterday’s session reaching the 1.3250 level and is on its way towards the 1.33 level, which is one of the major resistance levels. The market breaking above 1.3250 level is a bullish sign and eventually, the momentum is expected to pick up. The market today will also be affected by the job numbers which are expected late in the session. …Read More

AUD/USD

The market rallied significantly during the yesterday’s session as it is testing the 0.74 level as more “risk on” attitude has come into play. The market is expected to remain noisy as the US job numbers are hitting the market later part of the session and stronger than anticipated numbers will break this market further. The 0.7350 level is going to offer the immediate support to the market. …Read More

USD/JPY

The market is witnessing huge buying pressure from the lower levels and has also managed to rally. The pair broke above the 110.50 level in the yesterday’s session but has started to pull back slightly. The market today is expected to remain volatile, as the US job numbers are coming out late in the session. Less than anticipated growth in the job numbers will have a slight negative effect on the pair. …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.