Forex Morning Briefing
$DXY, $EUR, $GBP, $JPY
Commentary: Pressure on the Buck is up. PE
The US Dollar (.DXY) at 93.30 moved up after the benchmark US 10yr T-Note Year yield rose past 3% Monday. This was in response to US Retail Sales data.
Note: .DXY moved up from the 13-Day MA at 92.5 to a high near 93.46. It could see a dip to 93 over Tuesday and Wednesday. But, then target 94-95 by next week if the uptrend continues.
EUR (Euro) at 1.1828 fell, and is now testing the 55-Wks MA, and pause on the way to 1.187-1.188.
Note: If .DXY tests near 94-95 next week, the single currency could test to 1.15 or lower.
USD/JPY at 110.25 and rose to a high at 110.46, and could test to 111, then turn Bearish medium term.
EUR/JPY at 130.38 saw resistance, and dipped. But, could rise to 131 if the EUR rises to 1.187 and USD/JPY stays near 110.5.
Sterling (GBP) at 1.3498 as USD’s strength pushed GBP below 1.35. There is support there, which could pause its downtrend near term.
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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.