Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs


Commentary: The better than expected US NFPs data and the defeat of the far-right candidate Marine Le Pen against the Centrist Emmanuel Macron in the French Presidential election seem to have cancelled each other out as the major pairs remain in the same place with no directional visibility. PE

The US Dollar (.DXY) Index at 98.73 is trading just 9 pips off 98.82 seen Friday morning despite the US NFPs report release and the French election result. Neither the support of 98.50-20 has been broken nor has the resistance of 99.50 overcome in the last 11 sessions, am waiting for a breakout for directional clarity.

EUR at 1.0976 is almost unchanged in the last 24 trading hours. A Macron win was expected to strengthen the currency but despite the win coming true, it has been unable to rise above the major resistance of 1.10 so far and just like The Dollar (.DXY) Index, we wait for a breakout, either above 1.10 or below support at 1.0890.

USD/JPY at 112.76 is trading just below the major resistance of 113.00. Still, the collapse of volatility signals a trending move to emerge within this week and the success or failure at 113.00 may determine the near term path. Waiting & Watching.

Sterling 1.2954 made a high at 1.2984 in Friday’s trading session, very close to the immediate target of 1.3000, above which opens up higher targets of 1.33-34 but it may take time. Support comes at 1.2880, then at 1.2830.

AUD (Aussie) at 0.7397 tested support at 0.7370 and is looking for footing, though it is not if it is going to be successful or not. Failure to hold 0.7370 may open up much lower marks to 0.7300, but the chances of a bounce back cannot be discarded yet.

Have a terrific week.

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