Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing

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

Commentary: USD trading above Key resistance. PE

The US Dollar (.DXY) Index at 91.535 broke Key resistance marks in the past week and could now target 92.5 as seen on the daily lines.

EUR (Euro) at 1.2111 breaking below 1.215 and testing a low at 1.2096 Thursday the downtrend looks to have started. The signal currency could move to at target of 1.195 in the next 2 weeks. The chances of a rise from here is not immediately likely in here.

USD/JPY at 109.16 is forming an upward channel on the 3 day candle and tested resistance near 109.5 Wednesday. It could now move to support at 108.5, then rise from there. This uptrend could be capped till 110.0-110.5, after which USJ/JPY could dip.

EUR/JPY at 132.19 broke support on the daily candles and could move to support at 131 on the weekly candles soon. A target of 108.5 on USD/JPY, and 1.2075 on EUR, also yields a target of 131 on the EUR/JPY.

Sterling (GBP) at 1.3924 move to 1.3895 Thursday and could test Key long term support at 1.385 on weekly lines next week. In the medium term, expect GBP to target long term resistance at 1.46. If the current support breaks, GBP could turn Very Bearish medium term.

Have a terrific weekend

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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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