Forex Morning Briefing, Major Pairs
$DXY, $EUR, $JPY, $GBP, $AUD
Commentary: USD strength prevails with the weakness in majors expected to continue for a while. PE
The US Dollar (.DXY) Index at 99.60 is advancing towards our target at 100.00-50 with support coming up at 99.35-25.
USD’s strength keeps JPY at 114.16 weak as USD/JPY enjoys the higher marks without much selling pressure. As long as the pair trades above 113.30-10, the possibility of further rally towards 114.60-115.00 is open.
EUR at 1.0877 has not found its floor as the decline may extend to 1.0800, with the immediate Northside capped at 1.0940-60.
Sterling (GBP) at 1.2942 is quiet as it waits for the BOE interest rate decision Thursday. 1st resistance and support are adjusted to 1.3040 and 1.2860. Larger trend medium term is up.
AUD (Aussie) at 0.7347 finding it difficult to rise above 0.7400, the trend is down. With the resistance of 0.7400-30 limiting the Northside, the lower target of 0.7300 may be seen in the next few sessions.