Forex Morning Briefing, Major Pairs
$DXY, $EUR, $JPY, $GBP, $AUD
Commentary: Higher than expected US Q-2 GDP preliminary estimate Wednesday +3.00% Vs expectation of +2.7% helped USD recover. PE
Strong recovery in The US Dollar (.DXY) Index at 93.00 from the low of 91.62 seen Tuesday, just above 91.39, the 50% Fibo retrac of the earlier rise from 78.91 in May 2014 to 103.82 in January 2017. If the momentum continues, may see 93.40 and 94.00-94.30 on the Northside. Note trend resistance is at 93.25.
EUR (Euro) at 1.1877, now have to see if the near-term Support at 1.18 holds or not. If not, then a dip to 1.1750 can be seen.
A rise to 110.50 was seen in USD/JPY at 110.52 Wednesday, 1st resistance seen at 110.65 then up to 111.35.
Note: the resistance at 132.00-25 is holding on EUR/JPY at 131.28, and can trigger an intra-day dip to 130.80-60 before a new move to 132.25-50.
Sterling (GBP) at 1.2911 is not displaying much strength in here and may range within 1.2825-2925 for a few sessions before a longer term direction is revealed.
AUD (Aussie) at 0.7909 was pushed down. If the support at 0.79 holds could drive Aussie higher to 0.81. Failure to bounce from 0.7900 would negate the currently preferred Bullish possibility for me.
A small recovery in RMB Yuan (USDCNY = 6.5962) was seen Wednesday.
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