Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs

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

Commentary: The continuing decline in US Housing data taking it to a 8-month low, plus the much worse than expected reading in the US Consumer Sentiment gauge weakened the USD more and again. PE

The US Dollar (.DXY) Index at 97.17 is ranged with 96.30-97.80 for the 3rd week running. If the interim support band of 97.10-96.80 holds, then it may rise above 97.80 by the end of the week if not…

EUR (Euro) at 1.1195 saw Short covering from support at 1.1120, but the selling pressure will come back near resistance at 1.1215-35 and the lower end of the 3-wk trading range of 1.1100-1.1300 may be retested.

USD/JPY at 111.00 is paused to refresh after the sharp rally from 108.80 to 111.42 in only 3 sessions, that in line with our expectations. After this pause, the rally may resume to 112.00 and then to 113.00.

Sterling (GBP) at 1.2771 has bounced, and may end soon, and the larger downtrend may resume by the end of this week. The Northside may be limited to 1.2850, but the Southside is open to 1.2600 and beyond.

AUD (Aussie) at 0.7622 looks to test the long term resistance at 0.7700-50 near term, and the price action there will likely determine the near to medium term direction, 1st support comes at 0.7570.

Have a terrific week.

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