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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – March 5, 2018

Colin First
Updated
The crypto market has been undergoing a correction but the next bullish leg is expected to begin soon

EUR/USD

The pair rallied a bit higher during the Friday’s session reaching towards the 1.23 level which is an important psychological level and has been supportive in the past as well. If this pair can break above the 1.2350 level then the market should reach towards the 1.25 level. On the weekly chart, the pair has formed a hammer pattern which should attract a lot of buyers, in the long run, to break out upside. The 1.21 level underneath is massively supportive and the market should not breach this level in the short term. …Read More

GBP/USD

The pair initially tried to rally during the Friday’s session but found enough resistance and rolled down a bit towards the 50 EMA on the hourly chart. The market has plenty of support at the 1.3650 level and going ahead, the market will remain volatile and will be very noisy. If it breaks below this point, then the pair will fall very hard but that is unlikely. The 1.3850 level in the upside is very resistive and a breakout could send the market high towards the 1.40 level. …Read More

AUD/USD

The AUD had a relatively stable and quiet session on Friday as it is finding strong support at the important 0.78 level and is also the 61.8 percent in Fibonacci scale from the recent upside move. If this market breaks down from this level, then the market will fall down towards the 0.75 level over the longer term. And, if it crosses the 0.79 level and above then it should reach towards the 0.80 level which is an important level in the long term. …Read More

USD/JPY

The USD has fallen significantly against the JPY during the Friday’s session reaching as low as 105 level which is a large, round, psychologically significant level. If this market breaks below this point, then it should find its next support at the 100 level and below. The market will remain volatile as the global trade wars will keep this market on its toes and unpredictable and will move in any direction in the short term view. …Read More

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This article was originally posted on FX Empire

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