Forex Morning Briefing, Major Pairs

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

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

Commentary: Friday’s weak US economic data increased the doubt over any further Fed rate hike this year and kept the pressure on the Buck unchanged.PE

The US Dollar (.DXY) Index at 95.18 broke below the support of 95.50-40 in line with expectations and now much lower levels of 94.00 comes into view. The trend remains due South with 96.50 as a major resistance near term.

EUR (Euro) 1.1462 broke above 1st resistance of 1.1440 on the back of the strengthening German 30Yr yields as discussed last week. Caution is recommende, the long term resistance is 1.1500-1.1600 despite the firm uptrend now.

USD/JPY at 112.63 did not hold above 112.65 and weakened. This correction may extend to 111.50-00 if 112.30 does not to hold, the chances of seeing 111.50-00 look better now.

AUD (Aussie) at 0.7815 broke out as it tested the 15-month high of 0.7835. If it can sustain above 0.7700 in the any correction in the next few sessions and the breakout does not turn out to be a false one, then it can be taken as a long term shift to the Bullish side and my 1st target will be 0.8150-75.

Sterling (GBP) at 1.3101 broke out above the resistance at 1.3030-50 to post a 10-month high and now may rise towards 1.32 and then 1.34.

Have a terrific week

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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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