Forex Daily Outlook – June 7, 2018

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Published: Jun 7, 2018, 09:49 UTC

EUR/USD Euro shot higher against the dollar in yesterday's session after comments came out that exiting QE sooner is reasonable now. Because of this, the

EUR/USD

Euro shot higher against the dollar in yesterday’s session after comments came out that exiting QE sooner is reasonable now. Because of this, the market is likely to continue positive and once it breaks above the 1.18 level, which is a large psychological level, it will send the market further higher. The 1.15 level underneath is the significant large support base for the market. …Read More

GBP/USD

The British Pound continued to trade with a positive bias in the Wednesday’s session after it cleared above the 1.34 level. The 1.35 level on the top is the immediate target for the market and once it breaks above, then the market should go towards the 1.3650 level. The 1.33 level underneath is the strong support level for the market and also acting as a floor. …Read More

AUD/USD

The AUD initially pulled back during the Wednesday’s session but got enough buying pressure to continue with the positive momentum. The market has plenty of support near the 0.7640 level and 0.76 level will now act as a floor of this market and given enough time, it will continue to reach towards the 0.78 level. …Read More

USD/JPY

The USD managed to break above the important 110 level against the JPY, after days of consolidation below that region. The break above 110 level is a positive sign for the market and is likely to move higher from here and the immediate target is 111 level. The outcome of the summit between the US and N Korea will have a major influence on the performance of the pair. The 110 level will act as a support that extends up to 109 level. …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.