Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs


Commentary: Good gains overnight by the USD after a stronger than expected US retail sales. PE

Good gains overnight by the US Dollar (.DXY) Index at 93.82 after a stronger than expected US retail sales (+0.6%, against expectation of +0.4%) and a comment by Bill Dudley of the New York Fed that he would like 1 more rate hike. Be careful of important USD resistance in the 94.00-94.50 area.

EUR (Euro) at 1.1740 may dip to 1.164 this week or next. Unless there is a strong bounce from that mark, there could be a deeper fall to 1.1540 or lower.

USD/JPY at 110.67 rose above 109.70 looks seems to be breaking out of the near-term downtrend that in place from 114.50 since mid-July. We may have to give more time to a sideways trend in USD/JPY.

EUR/JPY at 129.86 remains above the Key support at 128, a rise above 130 could rekindle the risk-on trade.

Sterling (GBP) 1.2863 bears watching in here as it trades below 1.29 support, but on a trendline support coming up from the March low at 1.2106. A bounce from here is more likely than a break of support.

AUD (Aussie) at 0.7830 marked a low at 0.7807 Tuesday instead of building on its bounce from 0.7830. So, may see a test of 0.7790, while trading below 0.7870-90.

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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