Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs
Forex Morning Briefing, Major Pairs

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

Commentary: The moderate hawkish stance by Fed officials despite the recent soft US macro data has USD strong Vs all  peers. PE

In line with expectations, Dollar Index (97.72) has tested our resistance of 97.80 already and as long as it stays above 97.50, the rise may extend to 98.10-40 and then 99.00+

Euro (1.1135) has weakened from our resistance of 1.1215 and registered a fresh swing low at 1.1115 in the last session. A break below the support of 1.1100-1.1090 may increase the bearish momentum and in that case, Dollar Index may find it easier to climb above 98.00 levels.

Dollar-Yen (111.21) has hit a high at 111.78, close to our initial target of 112.00, before retreating for a normal correction. As long as the support of 110.60-50 holds, the uptrend remains intact and the targets of 112-113 remain unchanged.

Pound (1.2630) has met our downside target of 1.2600 in a single session following the continued concern of the BOE governor over the Brexit impact on the economy. The immediate downside may be limited to 1.2540 and a corrective bounce may emerge by the end of the week from either 1.2600 or 1.2550-40.

Aussie (0.7570) is testing our support of 0.7570-60 which may hold and push the currency back to 0.7625-50 levels.

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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