Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs

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

Commentary: The markets await the FOMC comments today and the US jobs data Friday to provide clues for the near term direction of USD. EUR and GBP remain the strongest majors with further Northside possibilities seen. PE

Either the US Dollar (.DXY) Index at 98.93 or EUR at 1.0934 have moved yet as EUR refuses to yield ground even after the initial rejection at 1.0950-60. Coupled with the inability of USD to rise above 1st resistance at 99.35-50, the chances of EUR rising above 1.0960 towards 1.10 and higher are increasing instead of the expected correction towards 1.08. In that case, USD may retest Key support at 98.50-00.

USDJPY at 112.03 traded in the range of 111-112 for the last 2 sessions as expected but the Bulls may be anxious with the resistance of 112.30 and 112.90 near. From these resistances, a correction towards 111.00-110.50 can be expected in the next few sessions.

Sterling at 1.2943 is gathering momentum during every passing session as it gets closer to our initial target at 1.3000 and now 1.3150 comes into consideration, and 1.3350-1.3400 may be not out of question in the coming sessions.

AUD (Aussie) at 0.7518 rose above our immediate target of 0.7500 and now needs a clear break above 0.7560 to extend towards 0.7600-75. Until the break happens, it may consolidate within the range of 0.7450-0.7550.

Stay tuned…

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