Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs


Commentary: More Stimulus from the ECB. PE

Saw a Bearish turn for EUR (Euro) at 1.1638 with ECB President Draghi seen as Dovish Thurday despite halving the AAP from EUR 60-B p.m. to EUR 30-M p.m. Now w the single currency below 1.1700-1670, the focus will now be on 1.1510, then 1.1415.

EUR’s weakness has pushed The US Dollar (.DXY) Index to 94.76 past resistance at 94.00 and sees 96 although the Channel Resistance at 95.00 and will not be easy to crack.

USD strength is seen in the rise in USD/JPY at 114.15, resistance at 114.50 is holding now, there are increased chances of further rise to 115.00.

Tempering the rise USD/JPY would be EUR/JPY at 132.83 which has been pulled down by the decline in the single currency, and is trading just below important trendline at 133, which could act as resistance now, watch this.

Sterling’s (GBP) at 1.3127 gainer Wednesday was erased by weak UK Retail Sales data Thurday, which reversed the sentiment on a possible rate hike next week.

Note: With The Bulls and The Bears having been trapped in the last 2 days, Cable may now trade between 1.31-33 for some days to come.

AUD, (Aussie) at 0.7649 has fallen below 0.7655, a letdown for the Aussie as most of the gains from July were erased, making the Aussie vulnerable to to 0.7520.

USD/CNY at 6.6521 has risen and should see 6.67+ soon.

Have a terrific weekend.

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