Forex Daily Outlook – June 4, 2018

EUR/USD

The pair continued to hover around the 1.17 level in the Friday’s session as the market is witnessing a lot of noise there. This level is very important in the long-term chart, and it is expected that it will make sellers come back. This is more like a short-term relief in the market and the overall attitude of the market remains negative with market testing the 1.15 level for support again. …Read More

GBP/USD

The pair initially rallied a bit in the Friday’s session trying to move towards the 1.33 level but turned volatile as the job numbers from the US hit the market. The 1.33 level is a bit of magnet for the price and is likely to move around this area in the short term. If it manages to break above the 1.3350 level, then the market will able to go higher. The 1.3250 level underneath is the immediate support level. …Read More

AUD/USD

The pair fell hard during the Friday’s session towards the 0.75 level as better than anticipated job growth numbers were reported from the US. The market is expected to trade volatile from here, as, in the past, the 0.75 level underneath offered plenty of support. A break below 0.75 level will be extremely negative for the market. …Read More

USD/JPY

The pair rallied significantly during the Friday’s session as job numbers reported are better than anticipated. The market from here is likely to resume its upside move towards the 110 level and 112.50 level eventually. Also, the market will be supported by wide interest rate differential between the two economies. Buy on dips should be the right strategy to play this market. …Read More