Forex Daily Outlook – March 1, 2019

Colin First

EUR/USD

The Euro initially tried to rally during Thursday’s session, but due to lack of momentum, it pulled back. The market is in the middle of massive consolidation, and its difficult to make any new position. In case of a breakdown, the pair has multiple support points underneath, which will attract buyers. The market is expected to continue trade choppy with a back and forth momentum. …Read More

GBP/USD

The British Pound initially rallied during yesterday’s session, but 1.33 level above offered significant resistance and it pulled back slightly. The pair has been extremely bullish in the last few sessions and yesterday’s pullback was as per expectation. The 1.32 level underneath should offer strong support and it extends down to the 1.30 level which is essentially the floor of the market. …Read More

AUD/USD

The AUD fell during yesterday’s session, breaking below the 0.71 level, which is obviously a negative development. The 0.7050 level underneath is strong support and if it breaches, then it would be a problem for the pair. With strength back into the USD, the pair is likely to trade negative and rallies will continue to be a nice selling opportunity. …Read More

USD/JPY

The USD has been extremely bullish during yesterday’s session, as it broke above the 111 level and reached towards the 112 level. By doing this, it has made a fresh 2019 high which was earlier at the 111.40 level. The bullish pressure in the pair came after upbeat economic data and GDP growth in the US, beating many analyst forecasts. The pair is expected to gain momentum and if it breaks above 112.50 level, then it would change the course of the market. …Read More

 

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