Forex Daily Outlook – September 7, 2018

Colin First
S & P 500 daily chart, July 11, 2018

EUR/USD

The Euro continued to hold above the key 1.16 level in the Thursday’s session without showing much price movements during the day. Right now, the market is looking forward to the US job number which coming later during today’s session. There is a lot of confusion in the market relating to the Turkish debt trap, Brexit issues, and US-China trade relations etc. In the short term, the pair will continue to trade volatile and if it breaks above the 1.1660 level, then it will start reaching towards the 1.17 level. …Read More

GBP/USD

The British Pound rallied during the yesterday’s session after it pulled back from the previous day’s high point. The market is looking comfortable at this point and is successfully holding above the 1.29 level. Going forward, the market will remain volatile and noisy due to the Brexit issues. The 1.29 level underneath is offering strong support to the marekt with $1.30 level acting as a ceiling. …Read More

AUD/USD

The AUD rallied a bit during the yesterday’s session after initially falling. At this stage, the market looks to trade range bound between the 0.7150 level and 0.7225 level which is a defining resistance barrier. The market today will remain volatile as US job numbers are expected later today. The AUD looks likely to be largely affected by the US-China trade relations and will continue to be very noisy. …Read More

USD/JPY

The USD witnessed a lot of weakness during the yesterday’s session as it dropped down to the 111 level, which is offering a significant support though. The market today will be looking towards the US job numbers, which will help it sort out the next price movement. A break below 111 level, will send the pair towards the 110.50 level, which is also an important support area. …Read More

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