Forex Morning Briefing
$DXY, $EUR, $GBP, $JPY, $AUD
Commentary: Again, .DXY strengthened, EUR weakened. PE
The US Dollar (.DXY) Index at 95.24 saw a high at 95.4 Wednesday and could test resistance at 95.6 on the 3 -Day line this week. Next week could see a breach of this resistance then see 96, as EUR moves below 1.15.
EUR (Euro) at 1.1567 broke below support at 1.16 on the daily line to see a low at 1.154 Wednesday. A clear break below 1.15 to support at 1.145 might occur next week. The trigger could be political instability in Germany next week.
USD/JPY at 110.11 saw a high of 110.49 Wednesday and could mark 110.0-109.8 Thursday. Range trade within 110.75-109.75 could continue into next week, and then turn Bearish or Bullish. Resistance at 110.5-111.0 is strong long term, I expect it to hold.
EUR/JPY at 127.38 broke below support at 127.5, now the pair could dip lower to 126.5-126.0, seeing a move to major support at 124 in July.
Sterling (GBP) 1.3114 moved to support at 1.31, and could move lower to horizontal support at 1.30 next week. A clear break of 1.30 would be Very Bearish.