Forex Morning Briefing

Forex Morning Briefing


Commentary: Nothing New, USD struggling. PE

US Dollar (.DXY) Index at 90.504 dropped after marking a high at 91 Thursday, and seeking support n 90.4-90.5 on daily lines.

Note: The last 2 days have seen US yields rise to multi-year highs, thereby reflecting a possible shift in investment from debt to US equities. This should be Bullish for the USD near term, keeping .DXY above 90.4-90.5, we will see.

EUR (Euro) at 1.2244 rose and now with some Bullish prospects ahead for USD, we may see the single currency range between 1.21-1.225 for 2-3 sessions. There is near term resistance on weekly candles near 1.225 which should hold in here.

USD/JPY at 111.01 trading around 111 for the past 2-3 sessions and now could see an up-move to 112 in the next couple of sessions as USD shows signs of strengthening.

EUR/JPY at 135.96 has been moving to 136, and having seen a high of 136.02 Thursday, so expect another week of slow up-move before it tests resistance 137 on the daily candles.

Sterling (GBP) at 1.3901 breached resistance at 1.385 on the daily candles again and is now trading at 1.39+. Now looks to test higher resistance 1.41 on the weekly candles next week.

AUD (Aussie) at 0.8013 moved past the Key resistance of 0.80 on the weekly line. When this breach  is confirmed, the next target for the Aussie is 0.82, the 1st resistance.

Have a terrific weekend

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