Forex Morning Briefing, Major Pairs
$DXY, $EUR, $JPY, $GBP, $AUD
Commentary: Euro (EUR) rose on the back of risk appetite following the 1st round of the French presidential election. However, it may turn out to be more of a relief rally rather than genuine strength for Euro. The chances of Euro making a significant top and USD marking a significant bottom Monday cannot be ruled out.PE
US Dollar (.DXY) Index at 99.30 is at a Key juncture now, as it has tested my Southside target/support at 99.20-10 and shows the possibility of the correction ending, that pending confirmation. The current bounce is in line with expectations and the recovery may drive USD to 100.20-50 in the next few sessions.
EUR at 1.0829 has overshot my Northside target at 1.0820 by a huge margin registering a high at 1.0920 Monday, but the rise may be over for now and a decline to 1.0700 or lower may be seen near term.
Sterling at 1.2787 trading quietly in the narrow range of 1.2750-1.2900 as expected, but it may test major support at 1.2600 near term.
USD/JPY at 110.07 is testing the resistance at 110.10 which is the make or break mark near term. A successful break above 110.10 may drive the pair up to 111.50-112.00, but a failure there can keep it ranged within 108.00-110.00. Will wait and watch with a Bullish bias.
Aussie (AUD) at 0.7555 is in a horizontal mode in the range of 0.7450-0.7600 which may continue for another week.
Have a terrific week.
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