4th August 2017 Market Outlook

Pound Aussie – GBP/AUD rejected its 1.6720 resistance level yesterday which could potentially lead price lower in the coming days. Given that the trend is still bearish at the moment, traders may consider shorting this market to ride on the bearish trend. Traders may have the first target set near its previous swing low at around 1.6300 to lock in profits if price moves in our favor.



Euro Yen – EUR/JPY pullback into its 130.40 support level yesterday which traders may hunt for potential buying opportunities as the long term trend is still bullish at the moment. Ideally we would prefer to see some price rejections or any other form of confirmation before buying into this market to avoid false signals.



Pound Dollar – GBP/USD pullback into its 1.3110 support level and rejected it yesterday which could potentially lead price higher in the coming days. The trend is currently bullish therefore traders may consider buying into this market. However we have NFP report coming out later today which traders may want to be aware of as it could cause the volatility of the market to increase and traders may want to adjust accordingly.


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