Commentary: Nothing new. PE
The US Dollar (.DXY) Index at 94.83 could turn Bullish to 95 if trade war rhetoric continues to rise. Being cautious .DXY in here and would wait for a break below 1.165 and then below 1.16 on the EUR before inferring a Bullish DXY for the next few weeks. Currently, 50/50 Bull-Bear.
EUR (Euro) at 1.1671 saw strong support at 1.165 Thursday, which was hobbled by Dovish ECB meeting mins. US CPI’s monthly growth came below expectations and provided some strength to the single currency. While EUR stays below the 55-Days MA at 1.174, a break of 1.165 is possible, then to 1.16. A clear break of 1.174 would be Bullish. Currently, 50/50 Bull-Bear.
USD/JPY at 112.59 is rising after breaking Key long term resistance at 112. This move North has taken place despite growing risk aversion, unusual since the JPY is regarded as a safe-haven asset often strengthens during these frames. A target at 113 is seen soon.
EUR/JPY at 131.36 could pause in here, as there some moderate resistance here. The next target is 133.5. A quick rise in USD/JPY to 114 while EUR stays near 1.17 could result in the pair moving to 133.5. We wait and watch.
Sterling (GBP) at 1.3187 has continued its downtrend and could move to 1.310-1.305 next week. 1.305 is Key support, when broken, could finds GBP Very Bearish.
Have a terrific weekend
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