Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs

$DXY, $EUR, $JPY, $GBP, $AUD

Commentary: As expected, US Dollar Index continues to fall. PE

The US Dollar (.DXY) Index at 96.60 continues its fall towards the major support at 96.50-25 ahead of the ex-FBI Director Comey’s testimony due Thursday, 8 June. It remains to be seen if the major support of 96.50-25 is able to halt the decline or 95 or lower  marks come into view.

EUR (Euro) at 1.1272 resumed its rally after a brief pause, as it gets closer to the target at 1.130, and the resistance cluster in the band of 1.1300-1.1450, the single currency is highly overbought. Caution in here.

Support of 110.00 for USD/JPY now at 109.83 has broken, and now 109.20 and 108.00 should be tested. The downtrend remains strong till the Key resistance at 112.00 is overcome.

Sterling (GBP) at 1.2917 strengthened, but remains inside the range of 1.2750-1.3000 ahead of the UK election Thursday, 8 June. If the result threatens the current ruling party, then a decline to 1.2650-00 can be expected. Prefer to wait for the result before taking a position again.

AUD (Aussie) at 0.7466 was rejected at 0.7500 as expected, now the impact of the RBA decision shortly may decide the near term direction.

Stay tuned…

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