Forex Morning Briefing

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

Commentary: The US Fed raised the benchmark funds rate from 1.5% to 1.75% and struck a less Hawkish tone in the press conference that followed, by signaling only 2 more rate hikes in Y 2018, this moderation in Hawkishness has caused USD to weaken. PE

The US Dollar (.DXY) Index at 89.533 broke below support at 89.75-89.80. As I mentioned earlier, this is a Key support mark which break could lead to medium term Bearishness for USD. The next target would be support at 88.5.

EUR (Euro) at 1.2360 bounced Wednesday and is now testing 1st resistance 1.236-1.237. A breach of this resistance would take the single currency towards higher resistance at 1.255-1.260. This is a Key mark, a breach there implies medium term Bullishness for EUR.

USD/JPY at 105.65 dipped Wednesday after testing resistance at 106.5-106.6. It could now dip to support at 105. USD/JPY may turn Bearish to 105 and lower soon. A break of 105 would be Key since the USD/JPY has not been able to move below that mark for more than a year.

EUR/JPY at 130.58 sees 1st resistance at 131 which should push it to Key support at 130. Both EUR and JPY could strengthen further Vs USD in the coming weeks, which might keep the pair ranged above 130.

Sterling (GBP) at 1.4159 saw Bullishness and rose to 1.42 from marks at 1.40 Wednesday. It could attempt a test at 1.44 in the coming weeks.

Stay tuned…

.DXY, AUD, Bullish, consolidation, direction, EUR, forex, GBP, jpy, pairs, range

Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.