Stocks like it though.
The dollar has moved lower as Powell says Fed will be "patient, prepared with flexible policy".
The EURUSD has moved higher on the headlines with the pair moving from 1.1344 to 1.13955.
Looking at the price action from the 5-minute chart that high was right at the 100 and 200 bar MAs (and just below the 1.1400 level too). The midpoint of the day is at 1.1381. Watch that level. We are now getting a break above those MA levels...
The GBPUSD has also moved higher. Looking at the hourly chart, the price has retraced and is moving through its 100 and 200 hour MAs at 1.2662.
The US stocks are liking the comments. The S&P index was at 2494.70 as the discussion started. It is now at 2515, up 68 points or 2.77%. The high reached 2520.05. The 38.2% of the December swoon comes in at 2519.86. The high tested that level and has backed off modestly. The 100 hour MA is at 2508 area. Stay above would give the technicians the go ahead to run higher. For a detailed look at those technicals, see post HERE.
