Forex Morning Briefing
$DXY, $EUR, $JPY, $GBP, $AUD
Commentary: Nothing new. PE
The US Dollar (.DXY) Index at 89.535 marked a low at 89.36 Wednesday. .DXY is expected to move lower towards support at 89.25 by Friday or next week. The US CPI data release Wednesday reflected moderation in inflation and did not affect USD strength positively.
EUR (Euro) at 1.2369 marked a high of 1.2396 Wednesday and targeting 1st resistance on daily line at 1.2425-1.245 by Friday or early next week. A clear break above 1.25-1.26 implies medium term Bullishness EUR. While the single currency stays below 1.25-1.26, it could continue ranged within 1.215-1.255.
USD/JPY at 106.89 has dipped below 107 and could test support 106.5-106.6 in here. A clear break of this support could boost my preference for a medium term Bearish view for the pair.
EUR/JPY at 132.20 might find resistance provided by the 21-Day MA line on the 3-Day line, then there is the 21-Wk MA at 133 on the weekly line, which could also be resistance. If the pair tests 106.5, and single currency stays below 1.245, the resistance at 132-133 for the EUR/JPY could hold in here.
Sterling (GBP) at 1.4184 traded below 1.42, and if 1.42 is broken there could be some resistance at 1.43. Medium term, a breach of 1.430-1.435 implies Bullishness to 1.46
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