Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs


Commentary: Decreasing chances of any imminent military confrontation between US and NKorea have cooled off the geopolitical tensions and checked the strength in safe havens. PE

JPY at 110.07, USD/JPY has seen a sharp bounce from my support mark at 109.50 and a break above 110.20 may drive it to 111.00 or higher in the next 3-4 sessions.

US Dollar (.DXY) Index at 93.60 hit a high of 93.89, close to the Major resistance at 94.10-40 before retreating a bit. The resistance at 94.10-40 may be tested too, but it is expected to hold and limit any further advance of USD, as the larger trend is still South.

EUR (Euro) at 1.1743 no change from its corrective mode, and Northside possibilities can be considered on a clear break above 1.1800-25. So, for now the Southside risk for 1.1600 is in place.

Sterling (GBP) at 1.2998 has hardly moved in here. My view is unchanged; a corrective bounce from 1.2950-30 cannot be ruled out, but the larger downtrend may drive it South to 1.2850 sooner rather than later

AUD (Aussie) at 0.7879 is in a corrective phase and needs a rise above 0.7950 to resume its uptrend. Failure to rise above 0.7950 by the end of this week may push it down to the support at 0.7835-20 or 0.7760-50.

Stay tuned…

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