Forex Major Pairs Morning Briefing
$DXY, $EUR, $GBP, $JPY, $AUD
Commentary: We are at important marks in most currencies. There is the chance that the current USD’s strength could see a correction/reversal next month. This become bigger if certain Support and Resistances hold. PE
Notes: Important resistances on EUR and on GBP/USD are holding, suggesting that the US Dollar strength cane resurface in the sessions ahead.
- The US Dollar .DXY Index finished down 0.2% at 94.55 in New York Monday is tracking its 3rd consecutive decliner The USD saw some light buying in the early part of the overnight session Monday, but that bounce did not hold, and was followed by a fall to a fresh 1-month low. Tuesday’s decliner represents USD’s 8th daily loss over the past 9 sessions, but the bulk of Tuesday’s loss in .DXY happened against EYR while GBP and JPY trade little changed Vs USD.
The US Dollar (.DXY) Index at 94.72 saw a low near 93.43 Tuesday and has bounced. Support 94.4-94.3 may restrict the Southside in near term, and we may see a move to 95 yet this week.
EUR (Euro) at 1.1695 is coming off from resistance provided by previous support trendline on weekly. While the single currency trades below 1.175, it go to 1.165 yet this week.
USD/JPY (Dollar Yen) at 111.29): The pair has traded quietly in the 111.0-111.5 range for the last 4 sessions running, and over the last 6 weeks has seen movement ranged within 110-112.2. On a clear break above 111.5 and then above 112.2, Bullishness to 113-115 in the weeks may be confirmed.
EUR/JPY (Euro Yen) at 130.17: The pair could stay close to 111.5 and might not break resistance 130-131 this week.
Sterling (GBP) at 1.2858) If GBP breaches the major resistance decisively, we could see a move to resistance near 1.3000-3050 next week. But a dip from here could initiate a fresh Bearish move to 1.27-1.26. The possibilities are equally divided: North or South
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