Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs


Commentary: Nothing New. PE

The US Dollar (.DXY) Index at 96.94 was rejected at 97.45 my resistance, now increasing the chances of seeing 96.50-00 in here. 97.45 becomes a significant resistance and near term reversal point, below which the bears remain in total control.

EUR (Euro) at 1.1242 cashed on USD weakness, as it bounced back from the previous swing low of 1.1160. The move towards the target/resistance of 113.00 may have resumed. If any profit booking is seen in EUR either near 1.1300-30 or near the higher long term resistance of 1.1400-50, then corresponding Short covering can be expected in USD near 96.50 or 96.00.

USD/JPY at 111.53 could not hold above the resistance at 112, returned inside the range of 110-112, and may moving sideways in the broader range of 111.50-114.00 with no strong directional seen.

Sterling (GBP) at 1.2983 is showing a lot of inertia as it continues to grind in the range of 1.2900-1.3100. No weakness seen above 1.2900.

AUD (Aussie) at 0.7509 bounced almost exactly from support at 0.7430, but not higher than 0.7550 is expected in here. Some selling pressure can be expected at 0.7540-50.

Stay tuned…

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