Forex Morning Briefing, Major Pairs
$DXY, $EUR, $JPY, $GBP, $AUD
Commentary: Anxiety over the French elections fading, the focus now turns to US President Trump’s tax reform plans to be unfolded Wednesday, the impact of his plans can move USD sharply near term. PE
The Dollar (.DXY) Index at 99.13 trades quietly near Key support of 98.90 from where it can bounce. The chances of a major reversal from the current marks must be considered despite the current downtrend, as the signs of a larger correction coming to an end are visible pending confirmation.
EUR at 1.0851 is stable, but the maximum Northside may be limited to 1.0930-50. A gradual decline to 1.0700 or lower looks likely in here.
Sterling at 1.2779 has been one of the most stable majors over the last few sessions and it may continue its sideways consolidation in the range of 1.2750-1.2900 with a Bearish bias. The chances of a retest of 1.2600 in the coming days cannot be ruled out.
USD/JPY at 110.04 is hanging around the resistance at 110.10 in line with expectations, the demand near 1st support at 109.40-25 has brightened the chances of seeing 111.50-112.00 this week.
AUD (Aussie) at 0.7557 still quiet as the Australian markets are closed Tuesday. Expect the sideways trading in 0.7450-0.7600 to continue for the next week.
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