Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs


Commentary: Better than expected US NFPs triggered short covering in USD. PE

Better than expected US NFPs triggered short covering in the US Dollar (.DXY) Index to 93.49 from 92.50, short of my Southside target at 92.00, but unless a weekly closing above 94.10-40 is seen, the Southside risks is open.

EUR (Euro) 1.1794 entered a corrective phase after hitting a high near 1.19, but if the correction remains limited to 1.1600, then the larger uptrend may resume sooner rather than later.

USD/JPY at 110.71) is trading in the range of 109.30-111.10 as expected and it may continue for another 2-3 of sessions before attempting a breakout for a trending move.

Sterling (GBP) at 1.3052 has confirmed the August high of 1.3266 as the near term high and may decline to 1.2950-30 in the next 3-4 sessions.

AUD (Aussie) at 0.7942 is trading horizontally in the range of 0.7875-0.8050, which may continue for a few more sessions. The larger trend remains up and the higher targets of 0.8100-70 are unchanged.

Have a terrific week.

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