Forex Morning Briefing
$DXY, $EUR, $JPY, $GBP, $AUD
Commentary: President Trump’s ‘trade wars are good’ comment has weakened USD. PE
The US Dollar (.DXY) Index at 89.93) tested resistance near 91 by seeing a high at 90.93, and has faded. There is support for .DXY at current marks; provided by the 13 days and 21-Days MA lines on daily line and also by the 5-Wks MA line on the weekly line. On the daily candle, the 1st support is seen at 89.75. If .DXY breaks these supports, it could signal the beginning of another Bearish run for USD.
EUR (Euro) at 1.2321 bounced from support at 1.215 and is now headed to 1.25-1.26. Some resistance could come by by the 21-Day MA line on the daily line near here. If it breaks this MA line, we could expect it to move to 1.25 in here.
USD/JPY at 105.52 broke major support near 106.5 on 3-Day line, and is now headed to support near 104.50-104.75 on the daily candles. On the weekly line, we see support at 103.75, which could be another important long term support mark, a clear break there will confirm medium term Bearishness.
EUR/JPY at 130.01 has marked lows near 129.7-129.8 and may test support on daily candles near 129.5 any time this week or next week. With EUR expected to gain some strength Vs USD this week, the test of 129.5 might not happen right away.
Sterling (GBP) at 1.3788 Vs my expectation of a test of 1.36, seems to be bouncing from support near 1.3775 on the daily candles. If this support continues holds, then may see GBP move back to 1.4 over the next few sessions.
Have a terrific week
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