Forex Daily Outlook – March 5, 2019

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Published: Mar 5, 2019, 07:24 UTC

EUR/USD Negative sentiment around the pair dominated in Monday's session, as it sliced through the supportive 1.1350 level, reaching down towards the

EUR/USD

Negative sentiment around the pair dominated in Monday’s session, as it sliced through the supportive 1.1350 level, reaching down towards the 1.1320 level. This is a bit negative for the market and could witness a lot of selling pressure in the market. Given the case, it could probably reach down to the bottom of the overall consolidation, which near to the 1.12 level. Right now, short term rallies in the market will offer a nice selling opportunity. …Read More

GBP/USD

British Pound witnessed a bit of selloff in Monday’s session, as it has broken below the 1.32 level and has reached down towards 1.3150 level. This pair will continue to attract a lot of attention in the market with 1.30 level underneath, a strong support level. Pullbacks will help the market to build up necessary momentum to break out much higher. …Read More

AUD/USD

The AUD had pulled back during yesterday’s session, finding support at the 0.7050 level. The pair is likely to continue to witness a lot of selling pressure and could break down to the 0.70 level. Until there is no clear resolution on US-China trade relations, the pair will continue to experience selling pressure on every rally. …Read More

USD/JPY

The pair ran into resistance at the 112 level during yesterday’s session, showing significant selling pressure around. The market is likely to witness trade in a back and forth momentum with 111.50 level underneath offering support. If the pair successfully breaks above the 112 level on a daily basis, then it could attract more buyers into the market. …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.