Forex Daily Outlook – June 1, 2018

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Published: Jun 1, 2018, 07:32 UTC

EUR/USD The pair initially bounced higher during the yesterday's session reaching towards the 1.17 level, but due to strong resistance above, the market

EUR/USD

The pair initially bounced higher during the yesterday’s session reaching towards the 1.17 level, but due to strong resistance above, the market rolled over. The pair will be volatile during the next several sessions as Italy is still going through a lot of issues and also the US is getting ready to impose 25% steel and 10% aluminium tariffs against the European Union. The 1.15 level underneath is a strong support zone which the market has tested. …Read More

GBP/USD

The market initially rallied a bit during the Thursday’s session but rolled back just after hitting the 1.3350 level to test the support at 1.33 level. If the market continues with the momentum, it is likely to move higher testing the 1.34 level in next few sessions. The market will continue to remain volatile as the US announced, it is ready to apply trade tariffs against the EU, Canada, and Mexico. A break below 1.33 level will be negative for the market. …Read More

AUD/USD

The AUD traded volatile during the yesterday’s session trying to cross above the 0.76 level but concerns related to tariffs being imposed on EU, Canada and Mexico by the US kept traders at bay as they want to see the long-term impact. If market breaks above the 0.76 level then it is likely to attract buyers and take the market higher towards the 0.77 level. …Read More

USD/JPY

The USD initially started off with a positive momentum but rolled off significantly, as the market got concerned about trade tariffs being imposed on EU, Canada and Mexico by the US. The market is currently trading just above the 108 level which is offering a bit of support and if it breaks below this level, then it may retest the 107.50 level. …Read More

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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.