Forex Daily Outlook – March 7, 2019

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Published: Mar 7, 2019, 08:47 UTC

EUR/USD The Euro has reclaimed the 1.13 level in Wednesday's session which is a bit positive, but the overall momentum continues to be weak. The area

EUR/USD

The Euro has reclaimed the 1.13 level in Wednesday’s session which is a bit positive, but the overall momentum continues to be weak. The area above is extremely resistive and the market likely to continue to trade in a back and forth momentum. The pair has strong support at the 1.12 level, which is also the floor of the market. Going forward, its not going to be easy to trade due to economic headwinds in both countries. …Read More

GBP/USD

The British Pound rallied during yesterday’s session reaching towards the 1.32 level as it is experiencing strong support underneath. Going forward, the market is likely to continue to gain enough momentum to gain higher, and once it clears above the 1.33 region, then it can easily reach towards the 1.35 level. …Read More

AUD/USD

The AUD sliced through the supportive 0.7050 level in yesterday’s session, which is a rather negative development for the pair. The market now is likely to reach down towards the 0.70 level which is a major support level, and if it breaks below this level, then it will reach down towards the 0.68 level. At this point, it will be difficult for the market to gain momentum and will get sold off on every rally. …Read More

USD/JPY

The USD was a bit stable against the JPY in yesterday’s session and is stuck below just under the 112 level. If the market can break above the 112 level on a daily close basis, then it will be extremely bullish and will attract buyers back into the market. Given the strong correlation with S&P500, the way forward will be extremely difficult for pair. …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.