Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs


Commentary: Nothing changed much after The Trump Tax Reform Plan came out Wednesday afternoon in the US. It remains to be seen if the BOJ and ECB meetings Thursday trigger any major moves. PE

US Dollar (.DXY) Index at 98.89 hanging just above the make or break support at 98.50, but requires a rise above 99.35 for a confirmed reversal signal.

EUR at 1.0911 came off the highs after being rejected at 1,0950 the major resistance, keeping open the possibility of a downward correction to 1.0840 and then 1.0700. Thursday’s ECB meet may turn out to be a market driver and may not.

Sterling at 1.2870 ranged within 1.2750-1.2900 as expected, this may continue for the last 2 sessions this week.

USD/JPY at 111.22 stalled as expected after hitting a high of 111.77 smack in the middle of the target resistance at 111.50-112.00, as it waits for the BOJ meet conclusion Thursday morning, Key support unchanged at 110.00.

AUD (Aussie) at 0.7487 tested and bounced from the lower end of the range at 0.7450-0.7600. The lack of Southside momentum may drive it up to 0.7550 again before we see any clear directional move.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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