Forex Morning Briefing, Major Pairs
$DXY, $EUR, $JPY, $GBP, $AUD
Commentary: All the major pairs are in a consolidation mode as the markets wait for the French poll to start on 23 April though the final voting will be on 7 May. PE
The US Dollar (.DXY) Index at 99.62 marked a low at 99.45, just a bit higher than target/support at 99.20-10, but the target may still be achieved if resistance at 100.00 holds near term.
Euro at 1.0713 paused after the rise from 1.06 to 1.0735 in only 2 sessions, the uptrend may resume any day not, driving up to 1.0780-1.0830.
Dollar/Yen at 108.96 continues its sideways movement ranged at 108.00-109.40, a major trending move can be expected on a break out of that range only. There is no directional bias, the trend remains South with major support at 107.85.
Sterling at 1.2783 may spend the next few sessions ranged within 1.2600-1.2900, consolidating the recent gains made in the sharp rise from 1.2364 to 1.2900. While 1.3300 may be seen medium term, resistance at 1.2900 may hold near term.
Aussie at 0.7507 failed to bounce from 1st support at 0.7525, weakening the technical structure. Now it may spend the coming sessions ranged within 0.7450-0.7600 before we see any directional move.