Forex Morning Briefing
$DXY, $EUR, $JPY, $GBP, $AUD
Commentary: USD looks weak in here. PE
The US Dollar (.DXY) Index at 89.43 is trading near major support at 89.3-89.5. It has not been able to break below 89.40 in the last 4 weeks. But, now after US President Trump’s trade restrictions announcement last week, could see USD weaken this week, in which case, the next target is support at 88.5 on dailies.
EUR (Euro) at 1.2369 breached 1st resistance at 1.235. If USD weakens this week, it might imply that the single currency will move higher to say 1.255-1.260.
USD/JPY at 104.95 marked a 17 months low last week and is currently trading just above support at 104.5-104.8. A clear break of this support will lead to the next target at 103.75.
EUR/JPY at 129.81 is moving in a downward channel tested support at 129 Friday and might move to 130.0-130.5 this week before moving down again. The next Southside target is 127.5-128.0 last seen in August 2017, a break there, implies continuing Bearishness.
Sterling (GBP) at 1.4160 is moving up in a channel, and may test resistance at 1.43 this week. If 1.43 is breached, it could move to 1.46, the Key long term resistance mark.
Have a terrific week.