Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs


Commentary: Nothing new, as the USD continues to weaken. PE

The US Dollar (.DXY) Index at 92.88 heads to 92.00 as expected after marking my initial target at 93.00. This is 5th monthly negative closing running, its longest monthly losing streak since Y 2011 and do not see short covering before 92.00 is hit.

EUR (Euro) at 1.1827 overshot my initial target of 1.18 and now rising towards our next target of 1.20 in line with expectations. The highly overbought state has not affected the currency yet, so follow the trend cautiously.

USD/JPY at 110.13 has broken below the support of 110.30 and opened up the Southside target/support at 109.50, 1st resistance comes at 110.50-80.

Sterling (GBP) at 1.3215 just managed a break above major resistance of 1.32 and if it can sustain above that mark, the Southside risk will be reduced. Then higher targets of 1.3330 and 1.3420 come into view.

AUD (Aussie) 0.8032 sees strength ahead of the RBA meet Tuesday. The central is widely expected to hold rates but it remains to be seen what steps it will make to weaken the currency. My targets of 0.8100-70 is unchanged, and 1st support come at 0.7970.

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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