Forex Daily Outlook – October 5, 2018

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Published: Oct 5, 2018, 08:52 UTC

EUR/USD The Euro rallied above the 1.15 level in the Thursday's session, showing signs of resiliency again and the market trying to attain normalcy. It is

EUR/USD

The Euro rallied above the 1.15 level in the Thursday’s session, showing signs of resiliency again and the market trying to attain normalcy. It is likely that the market will try to recover from here and also the 1.15 level is the bottom of the larger consolidation, and is expected to offer support. The market is expected to remain volatile as it is waiting up for the monthly US jobs number which is expected later today. …Read More

GBP/USD

The British Pound recovered significantly during the yesterday’s session as it bounced from the major downtrend line. With pair back to the 1.30 region again, it is likely to continue its upside momentum. The pair is likely to generate a lot of value and every time it pulls back, buyers are more likely to pick this market higher. The next major stop for the market is at 1.3125 level and a break above could send it much higher. …Read More

AUD/USD

The AUD drifted lower during the yesterday’s session breaking the important 0.71 support level but also witnessed a bounce back later in the session. It is still likely to move down towards the 0.70 level and if US job numbers today came in bullish, then the pair will enter the long-term bearish phase and likely to break towards the 0.68 level. There is no indication of a change of trend in the market. …Read More

USD/JPY

The USD pulled back significantly during the yesterday’s session reaching down to the 113.50 level as the pair has turned a bit overbought after days of rally. Pullbacks will continue to offer value and will be a nice buying opportunity. The US job number which is expected later today is likely to keep the market volatile and if it exceeds the expectation, the dollar will further strengthen. …Read More

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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.