Forex Daily Outlook – September 5, 2018

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Published: Sep 5, 2018, 06:46 UTC

EUR/USD Euro crashed against the USD in the Tuesday's session reaching down to the 1.1550 level, as there is a lot of "risk-off" sentiment in the market.

EUR/USD

Euro crashed against the USD in the Tuesday’s session reaching down to the 1.1550 level, as there is a lot of “risk-off” sentiment in the market. The region around the 1.1550 level is offering a strong support to the market and if it breaks down below this level, the market would then witness strong selling aggression. The 1.16 level above will be massively resistive and difficult for the market to break above. …Read More

GBP/USD

The British Pound continued its free fall in the yesterday’s session, reaching down to the 1.28 level, from where the market witnessed a slight bounce later in the day. Given the strong negative sentiment in the market, the British Pound is more likely to test the 1.2750 level for support and if it further breaks down, then the next major stop is at 1.25 level. With uncertain British politics and impending Brexit, the market will continue to be volatile and for the short term, it will be sell on rallies market. …Read More

AUD/USD

The AUD fell again on the Tuesday’s session against the USD, as the market continues to witness a lot of weakness due to the souring US-China trade relations. The AUD is pretty sensitive to the Chinese economy as a major part of their exports are contributed by China. If the pair breaks below the 0.7150 level, then it will be extremely negative and would go to the 0.70 level. If this market turns around, then it needs to break above the 0.7250 level, in order to break away from the negative sentiment. …Read More

USD/JPY

The USD initially rallied higher against the JPY during the day on Tuesday, but due to strong resistance above, it pulled back to the 110 level. Although the market has a plenty of support underneath, given the developments relating to the US-China trade wars, this market will continue to be volatile and noisy. …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.