Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs


Commentary: Apparent political turmoil in US continues to take its toll as The US Dollar (.DXY) Index moved very sharply with the majors having their best day in some time in here. PE

The US Dollar (.DXY)  Index 97.50 fell sharply in line with expectations and remains on course for my targets of 96.50-00. The best the Bulls can expect at the moment is a consolidation after this sharp fall with 98.50 as ceiling but no bottoming sign is visible in here.

EUR (Euro) at 1.1156 hit a high at 1.1174, not too far away from the LTN initial target at 1.1200, but at this rate of rise, even the higher target of 1.1300 may be marked next week.

USD/JPY at 111.06 broke below 112.00, tested interim support to 110.50 in a sharp decliner. This support area of 110.50-00 may halt the fall for the rest of this week and a consolidation in 110.00-112.00 may be seen next week.

Sterling (GBP) at 1.2964) is up along with the other majors but the inability to break above resistance at 1.3000 yet makes it a under-performer. If it trades above 1.3000, higher targets of 1.3200-1.3400 open up, expect more sideways consolidation in 1.2850-1.3000 till the breakout occurs.

AUD (Aussie) at 0.7454) is closing in on the major resistance of 0.7500 which may hold near term and push it down again. Only a clear break above 0.7500 may negate the possibility of marking the Southside targets of 0.7300-0.7290 and bring on Bullish options.

Stay tuned…

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