Forex new for trading on June 15, 2017

In other markets, the end of the day snapshot shows:

  • Spot gold -$6.00 or -0.49% to $1254.59
  • WTI crude oil -$0.33 or -0.74% to $44.40
  • 2 year note 1.3514%, +2 bp. 5 year 1.7582%, +4.2 bp. 10 year 2.16%, +3.4 bp
  • Stocks end the session lower: Nasdaq down -0.47%. S&P down -0.22%. Dow down -0.07%

The dollar moved higher in trading led higher by a 1.2% rise in the USDJPY. This was despite a weak stock market. Bond yields were higher by 2-4 basis points across the board. The "more hawkish" comments from Fed Chair Yellen yesterday helped the greenback it seems. The moves in the movers were impacted by more favorable technicals.
The releases today were not of the top tier variety.

In other fundamental news in the NY session, the EU and Greece reached another deal that keeps the patient alive. That occurred in the NY afternoon session and had limited impact.

The bigger news came when the BOE announced that rates would remain unchanged but there was 3 dissenters who wanted to increase rates (from 1 last month). Once again the UK shocks and that led to a rise back higher in the GBP pairs.

As mentioned previously, the USDJPY rose and rose some more in the NY session. Technically, the pair was able to get back above its 200 day MA at 110.55, and above the high from last week at 110.80 on the pairs way to a high of 110.974. The 110.80 level held support in the NY afternoon session and remains a close risk level for longs. Stay above keeps the bulls fully in control. If that level does not hold watch the 200 day MA at 110.55. A move higher will target 111.23.

The EURUSD has spent most of the last 19 trading days above 1.1161 and below 1.1284. Yesterday the pair squeeze above 1.1284 to a high or 1.2295. Today, the price moved back below the 1.1161 level and stayed below that level in the NY afternoon session. The low extended to 1.1131. If this is a break, look for 1.1161-71 to put a lid on rallies (close risk for shorts). Absence a move above that level, the pair should head on down toward the next support target at 1.1107-09 (low from May 30 and 200 bar MA on 4-hour chart).

The GBPUSD had another up and down day. Retail sales were lower but the BOE....well they surprised. So the decline on the retail sales, led to a rally back higher on the BOE. The GBPUSD is ending the day up marginally. Technically, the pair has moved above and below the 1.27687-1.2874 area over the last few trading days. That area has been a swing level going back to 2016 but most recently in April and again in May. The NY afternoon session stayed below that level, and although the action has been very light, staying south of the lid is a little more bearish. Stay below and the 100 hour MA at 1.2727 will be eyed as the level to get and stay below in the new trading day.

The USDCAD rebounded in trading today after three day tumble on the back of more hawkish comments for BOC officials. The correction higher stalled near both the 100 hour MA and the 38.2% retracement of the move down from the June 9th high at the 1.3303 level. We currently trade at 1.3262. Risk for shorts is the 1.3303-05 area. A move above will likely go test the 200 day MA at 1.3332. ON the downside, getting and staying below 1.3208-11 would be more bearish for me technically.

Below are the % changes for the major pairs vs each other.