Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs


Commentary: The FOMC policy statement Wednesday may dictate the near term path for the majors, especially if there are real hints regarding normalization of the Fed balance sheet. PE

EUR (Euro) at 1.1650 rose above 1.17 but it was rejected exactly at resistance of 1.1712. Unless we see a weekly closing above 1.1712, this latest phase of the run is suspect, it remains in the most overbought state since Y 2008.

US Dollar (.DXY) Index at 94.06 is almost unchanged with the trend South. A bounce above 94.65 can signal a recovery, till then, the Southside target 93.00 is in my focus.

USD/JPY at 111.89 bounced sharply as expected and if it manages a break above 112.10, the bounce may extend North to 112.55 and 113.00, 1st support is at 111.50-15.

AUD (Aussie) at 0.7914 continues consolidation with the larger trend North. With Copper at 2.88 surging to a 26-month high, the probability of further rise towards 0.80+ in the coming sessions strengthens.

Stay tuned…

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