Forex Daily Outlook – May 31, 2018

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Published: May 31, 2018, 07:25 UTC

EUR/USD The pair bounced significantly during the yesterday's session as the market approached 1.15 level, which is structurally and psychologically

EUR/USD

The pair bounced significantly during the yesterday’s session as the market approached 1.15 level, which is structurally and psychologically important level in the long-term chart. The market has numerous strong resistance point above and is expected that the market will eventually collapse as there is no significant change in the fundamentals. …Read More

GBP/USD

The pair rallied during the yesterday’s session reaching towards the 1.33 level, which is a structurally important level in the long-term chart and was a major support level. Now, it is likely that this level will offer significant resistance and market will continue to move southward in near term. The 1.30 level is the next major support level for this market. …Read More

AUD/USD

The AUD has exploded higher during the yesterday’s session breaking above the 0.7550 level and also has broken above the uptrend line which is offering strong support. The rally will attract a lot of buyers into the market but dollar gaining strength is also a concern for the market. The 0.76 and 0.77 level on the top will act as strong resistance points. …Read More

USD/JPY

The USD rallied slightly using the 108 level as support in the Wednesday’s session and now the market has shown reversal from the lower levels, it is likely that it will continue to move towards the 110 level. The market will remain noisy and volatile until it breaks above 112.50 level. The 108 and 107.50 level underneath will continue to offer strong support to the USD. …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.