Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing

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

Commentary: Nothing new. PE

The US Dollar (.DXY) Index at 90.282 is close to 1st resistance now. A lot could depend on the FOMC meeting this week, where a rate hike is expected. My preference is for the negative correlation to continue and for USD to dip.

EUR (Euro) at 1.2270 seeing 1st support at 1.225-1.230 from where a bounce should happen. The single currency has seen sideways movement with 1.215-1.255 for the last 8 weeks. A clear breakout beyond 1.255 could be seen within the next 2 weeks. For now, seeing Euro dipping to 1.225, then bouncing.

USD/JPY at 105.85 is continuing its move South with the target being major support near 105.00-104.75, but a test there implies a break of 105.5, a Key mark since the pair has not been able to move below it.

EUR/JPY at 129.87 is testing major support at 129.75 on 3-day and weekly candles and also on the daily line. This support should hold if the EUR continues its sideways movement of the last 8 weeks this week by bouncing from 1st support.

Sterling (GBP) at 1.3934 dipped from resistance near 1.4 on the daily, and is now moving to support at 1.39. This support is likely to hold producing a bounce.

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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