Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing


Commentary: Nothing new. PE

The US Dollar (.DXY) Index at 94.524 strength could react to the release of FOMC minutes later Thursday. Given that the policy statement was Hawkish, any deviation from that stance in the minutes could weaken .DXY to 94.3. The 3 day line chart reflects room for an up-move to 95.5-96.0 near term. Seeing a 60% chance staying Bullish near term.

EUR (Euro) at 1.1659, easing German political tensions and talk of Hawkish statements from some ECB members could trigger Bullishness. And at the same time, inability to gain strength on reasonably positive economic data and also the impending release of the FOMC mins have the potential to make the single currency Bearish. We wait, We watch.

USD/JPY at 110.40 has dipped from 111 and looks like it could turn Bearish and mark 110.2. A break of 110 could be on the cards soon.

EUR/JPY at 128.74 stay ranged within 128-129 Wednesday. The pair could drop to 127 next week. Break of horizontal support on weekly line near 127 would require a close below 127, if it happens, it would make the pair Bearish to 125-124 medium term.

Sterling (GBP) at 1.3226 could move higher to resistance at 1.33 on daily candles yet this week. In the weeks ahead, GBP looks Bearish, with a retest of levels near 1.30 possible very soon.

Stay tuned

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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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