$DXY, $EUR, $JPY, $GBP, $AUD
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.
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