Forex Daily Outlook – July 5, 2018

Colin First

Updated Thu, Jul 5, 2018, 1:31 AM

EUR/USD

The Euro initially tried to rally but faced strong resistance around the 1.1685 level and pulled back towards the 1.1640 level. The market continued noisy and due to lack of liquidity, the market failed to get enough momentum to turn around and start rallying again. The market ahead is likely to witness a lot back and forth trading with 1.17 level as the ceiling. …Read More

GBP/USD

The British Pound managed to rally higher during the yesterday’s session but was extremely volatile coupled with an illiquid market. The market continues to reach and break above the 1.33 level above as the current momentum favours the market. If the market turns around and breaks below the 1.32 level again, then the market will wipe out the entire gains. …Read More

AUD/USD

The AUD initially rallied higher during the yesterday’s session but in the same way, it lost all the gains to break below the 0.74 level. The yesterday’s move lacked momentum as due to lack of liquidity in the market and the market is also not very clear on the future momentum. If the market successfully breaks above the 0.74 again, then it can reach towards the 0.75 level. …Read More

USD/JPY

The market moved a little higher during the yesterday’s session as the market was lacking enough liquidity. The 110.30 level underneath is going to be the short-term support of the market and if it breaks above the 111 level, then fresh new buying will happen in the market. Failing to break above will push the market lower towards the 110 level. …Read More

This article was originally posted on FX Empire