Fresh dollar selling sends the greenback to lows vs EUR, JPY, CHF, CAD, AUD and NZD

The USD is seeing fresh selling across the board. The USD is reaching new lows vs all the major currencies Currencies Currencies are a typically a form of money in wide circulation, being the primary medium of exchange with respect to buying and selling goods and services. These are often issued by a specific government or collection of governments, by way of paper notes and coins. Other forms of currencies include previous metals such as gold and silver, and digital currencies such as Bitcoin. Currencies serve as a backbone of the country’s or countries’ economy, due to the perception of value held by the popu Currencies are a typically a form of money in wide circulation, being the primary medium of exchange with respect to buying and selling goods and services. These are often issued by a specific government or collection of governments, by way of paper notes and coins. Other forms of currencies include previous metals such as gold and silver, and digital currencies such as Bitcoin. Currencies serve as a backbone of the country’s or countries’ economy, due to the perception of value held by the popu Read this Term with the exception of the GBP (although the USD is weakening against the currency as well).

• EURUSD: The EURUSD is moving up to test the swing high from last Thursday (ECB day) at 1.11207. The high just reached 1.1110. A move above would have traders targeting the 50% midpoint of the move down from the Feb 10 high at 1.11497 (call it 1.1150). See earlier post.
• USDJPY: The USDJPY is down testing the swing highs from Tuesday and early Wednesday at 118.41 to 118.44. The low just reached 118.39. Move below and the rising 100 hour MA at 118.164 is the next key target. The price has not traded below the 100 hour MA since March 7. See earlier post.
• USDCHF: The USDCHF has cracked below the 100 hour MA at 0.9384 and the next swing area between 0.93628 and 0.93709. The 38.2 retracement at 0.9341 and the rising 200 hour MA at 0.93316 are the next major targets now. See earlier post.
• USDCAD: The USDCAD fell below the 100 day MA earlier and stayed below that level. The price has now extended below a swing area between 1.2656 and 1.26452. The next target area comes in between 1.2620 and 1.26263. See earlier post here.
• AUDUSD: The AUDUSD completed the lap down from the March 10/11 highs with a break above the 0.7367 level and did not stop until the high of a swing area at 0.73799 was also broken. The high price just reached 0.73892 and has entered the topside extreme area that took the price up to 0.7440 on March 7. Stay above 0.73675 and the buyers are more in control. See earlier post here.
• GBPUSD: The GBPUSD was the hardest hit (and weakest of the majors today) after the BOE rate hike and less hawkish feeling. The price bottomed near the 200 hour MA at 1.30975 and a swing area between 1.3080 and 1.30875 (low reached 1.30865). The snap back rally has now taken the price above a higher swing area between 1.3138 to 1.3143. Stay above that level keeps the intraday buyers felling comfortable. See earlier post here.