Forex Daily Outlook – March 6, 2019

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Published: Mar 6, 2019, 08:28 UTC

EUR/USD The Euro pulled further lower during yesterday's session, slicing through the supportive 1.13 level. The pair is now likely to reach down towards

EUR/USD

The Euro pulled further lower during yesterday’s session, slicing through the supportive 1.13 level. The pair is now likely to reach down towards the bottom of the overall consolidation which is at 1.12 level. The 50 Day EMA has also turned resistive and going forward, the market will struggle to break higher and will continue to sell on rallies. …Read More

GBP/USD

The GBP is witnessing enough bullish strength as it continues to successfully hold above the important 1.31 level. The pair is likely to chop around this zone due to Brexit headlines and economic concerns, and if it breaks above the 1.32 level, then it will continue to move higher towards the 1.35 level. …Read More

AUD/USD

The AUD has broken below the supportive 0.7050 level in yesterday’s session, which is a bit negative for the market. The market has plenty of support at the 0.70 level, and if it breaks below this level, then it will be very negative and could break all the way down to the 0.68 level. There is a lot of resistance placed upside, specifically near the 200 Day EMA slope and 0.7250 level, which will be very difficult to break above. …Read More

USD/JPY

The USD pulled a bit lower during yesterday’s session against JPY, as the 112 level above is offering a strong resistance. The market needs to be extremely bullish in order to break above the 112 level and would continue to witness plenty of support at the 111.50 level that extends down to the 111 level. The market is likely to continue trade in a back and forth momentum and will remain sensitive to the global headlines. …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.