Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs


Commentary: How the USD/JPY market performs Monday and Tuesday could set the tone for the week, and maybe the month. PE

USD/JPY at 108.40 after the posting a low of 107.29 and close at 107.78 Friday. We need to see if the market runs into selling in the 108.70-90 into Tuesday. How the market performs in here will set the tone for the week, maybe the month.

The US Dollar (.DXY) Index at 91.49 has recovered a bit from the low of 91.13 seen Friday. If the bounce sustains, look for a test to 92.00-20 this week.

EUR (Euro) at 1.2016 saw some profit taking after the high of 1.2092 seen Friday. The overall uptrend persists, with intra-week supports seen at 1.1970, 1.1935 and 1.1895.

EUR/JPY at 130.28 is likely to trade sideways between 129.40 and 131.00 for now. Overall trend remains Bullish, while trading above 129.40-00.

Sterling (GBP) at 1.3180 saw a high of 1.3224 Friday, in line with expectation of 1.3270.

AUD (Aussie) at 0.8045 saw a spike up to 0.8125 Friday (target 0.82), but has not been able sustain the rally. I am still Bullish, but have to keep an eye on supports in the 0.8000-7965 area.

USD/CNY at 6.5052 saw a bounce on shot covering from just below 6.44. Have to watch for a couple of days if the bounce holds.

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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