Cable buyers look to try and seize near-term control
The pound is posting fresh highs for the day now as BOE policymaker, Dave Ramsden, - for now at least - and affirmed that he still views the effective lower bound in the bank rate at 0.10%.
100 day moving average for the AUDUSD is at 0.7005
The AUDUSD is trading to new session lows, new week lows and is testing its key 100 day moving average at 0.70053 level. The low for the day just reached 0.70052.
Correction in the USDCAD lower stalled ahead of the rising 100 hour MA
The USDCAD pushed to the week's high at 1.34174 yesterday. The low for the week was on Monday at 1.3136. Yesterday, after pushing to the high, the price did correct lower. The breaking of the upward sloping trend line got the ball rolling.
GBPUSD back below the 100/200 day MA
The GBPUSD is trading to new session lows. The price just reached 1.2688. That took out the earlier session low at 1.26935. It also dipped below the low from yesterday at 1.26892. The low for the week currently comes in at 1.26737 and that would be the next downside target for the pair.
Six straight days of AUD/USD selling
AUD/USD has fallen in six straight days and just touched a fresh session low at 0.7006 before a bounce to 0.7020.
Clearly the bulls are trying to mount a stand at 0.7000, which has been a pivotal number in the pair all year long.
USDCHF trade to highest level since July 23rd
Each day this week has seen higher highs for the USDCHF. The pair is also working on its 6 consecutive day higher. The close yesterday was at 0.9266. That is a close risk level for traders today. Stay positive is positive for buyers (and worries the sellers).
Support at 105.239 -105.289. Resistance at 105.537-105.60
The USDJPY has swung down and up today. The first move in the Asian session was initially higher with the 105.537 level (low of 105.537 to 105.60 - see red numbered area) stalling that swing run higher.
The low for the week comes in at 1.16258
The EURUSD is down testing the lows for the day/the low from yesterday/the low for the week. The low for the week (and yesterday) reached 1.16258. The low today just reached to 1.16268. A move below should open the downside for more probing.
The USD is marginally higher. It's Friday.
It's Friday! That can mean a lot of things but with all the uncertainty from Covid, to elections, to will there be a transition from elections, to new stimulus or no new stimulus, to Brexit, etc. the volatility meter could be all over the place. The morning snapshot shows NZD is the strongest and the EUR is the weakest. The changes are relatively modest across the major currency spectrum. The USD is marginally higher vs all majors with the exception of the NZD. US durable goods orders will be released at the bottom of the hour.
The kiwi advances further in European morning trade today
NZD/USD is pushing higher on the day towards 0.6600 currently, following a modest rebound in North American trading from a low of 0.6512 to close at 0.6546.
The aussie has some headwinds to navigate through, says CBA
The firm's head of international economics, Joseph Capurso, says that the aussie could fall to 0.6850 against the dollar - weighed down by RBA policy, the US election and a stalling global economy in the near-term.
A up and down day in most major pairs today
The forex market had some ups and downs in the USD today. The day started with the greenback higher. It remained near high levels as London traders headed to the exit. However, some selling in the NY afternoon session has erased a lot of the earlier gains. The dollar is now lower vs the EUR, GBP, CAD. Higher vs the CHF, AUD and NZD and unchanged vs the JPY.
Price falls below trend line support
The USDCAD has moved to new session lows and is running further away from a broken trend line on the hourly chart at 1.3390 currently. The low price just reached 1.33554. The next close target on the downside that traders will be watching is at 1.3345. That level was a swing high from Tuesday and also a swing high on Wednesday before breaking on higher. The price did dipped below the level in early afternoon trading yesterday only to quickly rebound. Get below today and stay below and we should see further corrective moves to the downside. The rising 100 hour moving average and 38.2% retracement are converged at 1.3306. Those technical levels would be downside targets