FOREX Technical Analysis & Forecast for Tomorrow

EUR/USD EURUSD pair rose during the course of the day on Monday, breaking well above the 1.10 level, and testing the 1.11 level. Because of this, we feel the market will continue to go higher, probably heading towards the 1.12 level given enough time. We can say that the short terms pull backs can be the buying opportunities in the market. 

GBP/USD GBPUSD bounced back and forth during the course of the session on Monday, using the 1.55 level as support. We think that the market will continue to chop around, but we think it is more than likely going to head towards the 1.57 level as the GDP Preliminary data for second quarter will be released and is expected to be 0.7% which is higher then the previous release. We do not see potential for selling in the market. AUD/USD AUDUSD initially tried to rally during the course of the day on Monday, but turned back around somewhere near the 0.7350 level. We do not see much potential this pair but we can get some short term buying opportunities. But we can see a major resistance at 0.75 level, so we can go short in this market. NZD/USD NZDUSD initially rallied during the course of the session on Monday, but struggled above the 0.66 level. By doing so, we formed a shooting star, and that of course is a bearish candle. We believe that this is a selling signal and can take the market to 0.65 level. We will wait for good selling opportunities in the market.