Dollar seeing some selling. GBPUSD runs to new session highs

Technical Analysis

Author: Greg Michalowski | eurusd

EURUSD moves higher. USDJPY lower.

The dollar is seeing some selling

The GBPUSD is running to new session highs.  The pair just moved back above its 200 hour MA. Earlier in the day, sellers leaned against that MA level.  The 1.3202-16 area has seen more up and down waffle around the level in trading today. The 50% of the move up from June 28th is also at the area.  With the run higher, look for traders to lean against the area for a more bullish clue. 


The EURUSD dipped below its 50% retracement and 100 bar MA on the 4-hour chart at 1.1659, but rebounded back above and is running toward its 200 hour MA (green line). The price stalled at that MA earlier today. PS the pattern - if you blur your eyes enough - looks like a head and shoulders.  In which case the neckline was broken late yesterday. The price should stay below that neckline to remain true to the chart pattern. 


The USDJPY has been running higher.  Looking at the 5- minute chart, the pair has tested the 100 bar MA 3 times and bounced - including the last dip lower.  A move below would change that pattern and should solicit more selling. 


I guess overall, although the dollar has made a run lower, there is still some work to do in order to prove its bearishness, but it may be a start. 
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