Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs


Commentary: Added to the misperceived notion of uncertainty in US politics, the latest Brazilian corruption scandal is real with the possibility of an impeachment of the President has spooked the markets, but better than expected jobless claims and regional manufacturing data in the US have helped USD to pause. PE

The US Dollar (.DXY) Index at 97.83 has paused after the sharp fall in the last few sessions, 1st resistance comes near 98.15-25 and then 98.60 with the trend remaining due South in all frames. Hence a sudden fall may emerge despite the pause.

EUR (Euro) at 1.1107 is taking a pause but the high of 1.1174 may be crossed next week after the consolidation finises, 1st support comes at 1.1070-50. My higher target of 1.1200-1.1300 is unchanged.

USD/JPY at 111.16 made a minor bottom at 110.21 in the middle of the support zone as 110.50-00, and now a consolidation can be expected in 110-112 for 1-3 sessions.

Sterling (GBP) at 1.2954 has not capitalize on the breakout above the resistance at 1.3000, it returned in the range of 1.2850-1.3000, but as long as the rising support of 1.2870 holds, the trend is North with the possibility of 1.3200 open.

AUD (Aussie) at 0.7423 was rejected at higher marks as expected as it tried to test the major resistance at 0.7500. Now the high of 0.7467 marked Thursday becomes 1st resistance, but it will take some strong buying before a breakout. Only a clear break above 0.7470-0.7500 may negate the possibility of seeing the Southside targets at 0.7300-0.7290 and bring about Bullish options.

Have a terrific weekend

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