Forex Morning Briefing
$DXY, $EUR, $JPY, $GBP, $AUD
Commentary: Seeing a stronger than expected rise in EUR and .DXY struggling against the tide. PE
EUR (Euro) at 1.2266 marked a high of 1.2297, and prefer to see Some consolidation down to 1.2220 at least. But, in case of a clear break above 1.2300, then look for 1.24-25 on the Northside before exhaustion.
Note: The market will go Long into the ECB meeting on 25 January, that is enough time for it to move up to 1.24-25. Caution, the ECB is not going to like the strength of the single currency.
EUR/JPY at 135.83 is running to 136 and may run to 138 in a straight line, or after 2-3 of days of consolidation.
USD/JPY at 110.71 marked a low near 110.32, meeting my target at 110, there is support at 110.30-20 on the 3-day and weekly candles, see a bounce to 112 while the major support holds.
Sterling (GBP) at 1.3797 said earlier there was resistance at 1.3820-50 on the daily candles. It saw a high at 1.3819 Monday and there is the chance that resistance will hold on the 1st test, producing a dip to 1.3700. In case of a clear break above 1.38, be ready for run to 1.40ish.
AUD (Aussie) at 0.7963 is trading higher, but has yet to test the horizontal resistance at 0.80 on the weekly line. See some profit-taking in there.
Come back daily for my up to date analysis of the technicals on the Key currency pairs.
Have a terrific week.