Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs


Commentary: Nothing New. PE

The Dollar (.DXY) Index at 97.37 is holding Tuesday’s low of 96.80 to recover a bit, but the corrective bounce can reach 98.30 at best if it manages to break and sustain above interim resistance at 97.45. The Southside target of 96.50-00 is unchanged.

ERU (Euro) at 1.1179 is seeing a normal correction, the larger uptrend is intact now. This correction can take it to 1.1100-1.1075 where fresh buying is expected.

Note: if any profit booking is seen in Euro either near 1.1300-30 or near the higher long term resistance at 1.1400-50, then corresponding Short covering can be expected in the USD near 96.50 or 96.00.

USD/JPY at 111.90 is testing the upper end of the near term range of 110-112. A firm break above 112 may open up 112.80 or even 113.40. From a larger perspective, the price action in the coming 5-10 days may be contained in the broader range of 11.50-114.00 with no major direction.

Sterling (GBP) at 1.2968 lacks the Bullish momentum. The chances of a new high above 1.3050 cannot be ruled out but a without a break above 1.3100 in here, it may be very difficult for Cable to hold the higher marks, 1st support comes at 1.2950 and 1.2900.

AUD (Aussie) at 0.7451 hit a high of 0.7517, rising above the resistance at 0.7500 and retreated. The Key support comes at 0.7430-20 which must hold to keep the chances of another bounce open. In case support at 0.7420 breaks, a sharp decline to 0.7330-00 may happen.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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