Forex Daily Outlook – June 5, 2018

By:

Published: Jun 5, 2018, 08:58 UTC

EUR/USD The market started the week with a positive sentiment breaking above the 1.17 level but pulled back slightly from there. The market has a plenty

EUR/USD

The market started the week with a positive sentiment breaking above the 1.17 level but pulled back slightly from there. The market has a plenty of support region underneath and has formed a hammer like a candle on the weekly chart signifying some strength in upcoming sessions. But the market is expected to remain noisy as better than expected job numbers from the US that will provide enough strength to the dollar. The 1.15 level underneath is a bit of a floor in the longer term chart. …Read More

GBP/USD

The pair rallied during the yesterday’s session breaking towards the 1.34 level above as the market continues to witness slightly bullish pressure. On the weekly chart, it has formed a hammer like a candle which is considered a bullish sign and will attract longer term players in the market. The 1.35 level ahead will be massively resistive and will require strong momentum to break the level higher. …Read More

AUD/USD

The AUD shot higher during the yesterday’s session reaching towards the 0.7650 level before pulling back slightly. On the weekly chart, it has formed several hammers in a row, that indicates a very bullish sign. The 0.77 level above continues to offer strong resistance and also the strong dollar will also be a concern for the market. …Read More

USD/JPY

The USD has gone sideways against the JPY in Monday’s trade session hovering around the 109 level. The market has been bullish for the last couple of days and has formed a hammer on the weekly chart. If the market breaks above the 110 level, then it will continue to go much higher possibly breaking above the 112.50 level which is a major resistance point. Short-term pullbacks will continue to offer great value to long-term traders. …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.