Forex Major Pairs Morning Briefing
$DXY, $EUR, $GBP, $JPY, $AUD
Commentary: Again, we are at important marks in most currencies. There is the chance that the current USD’s strength could see a correction/reversal early next month (it is happening early). This Supports not holding.PE
Notes: The Argentinian Peso at 37.96 has crashed almost 33% from marks near 31.30 to 41.46 in the last 2 sessions, and the Turkish Lira at 6.737 has weakened by 8%-9% in the last couple of sessions both these developments could take USD/INR towards 71.50 fast.
USD/INR (Dollar Rupee) 70.745: The pair is treading near 71.15-16 on offshore NDF. Caution: watch for a rise to 71.50 if USD/INR opens above 71.00 Friday.
The US Dollar (.DXY) Index at 94.73 broke supports on daily suggesting that it could move down untill the 21-Weeks MA (93.91) in the coming week. A decisive break above 95 could however negate that view for next week.
EUR (Euro) at 1.1665, the single currency has come off from 1.1733, but there is a chance of it moving up and beyond 1.175 over the next week. A clear break above 1.175, see resistances at1.178, and then near 1.1825-1.185. A clear break below 1.163 negates that outlook.
USD/JPY (Dollar Yen) at 111.01: The pair dipped from 111.8, when failing to cross above 112. The 1st support is at 110.9, then 110.50, and then, 110.20. Still seeing the pair moving North in the weeks ahead.
EUR/JPY (Euro Yen) at 129.49: The pair dipped below 130 and now has important support 129.25 on the daily. A week close below the 21-Weeks MA at 129.60 is a Bearish indicator. Nevertheless we may see the pair retest of 130-131 next week.
Sterling (GBP) 1.3009: The resistance at 1.303-1.305 is currently holding against the Great British Pound. If it breaks an move to the 21 Weeks MA 1.3315 could occur, that is an important resistance level.
Have a terrific weekend