Dollar selling. Stocks and yields continue lower.

Technical Analysis

Author: Greg Michalowski | dollar-selling

Gold takes back more of the decline

There is some dollar selling as stocks trade at new session lows, yields move lower (10 year yield down 4.6 basis points) and gold retraces back toward the unchanged level on the day.

EURUSD.  The EURUSD is back testing the highs for the day. Getting and staying above the 1.0865 level should be more bullish (old swing area) with the next target at 1.0885-90. The price moved above that area yesterday and more modestly today without much success

Gold takes back more of the decline
GBPUSD. The GBPUSD is trading at new session highs and in the process is testing a topside trend line at 1.3009. The 200 bar moving average on the 4 hour chart is not far away as well at 1.30124.  Get above is more bullish, but we could see some sellers against the risk defining level with stops above
USDJPY. The USDJPY has move back into the consolidation range from February 6 to February 19 and tests a swing area at 109.95 to 110.01.

AUDUSD. The AUDUSD held the floor and has moved toward midrange. This pair is difficult as it is in the Asia-Pacific region where the coronavirus risk is most pronounced.

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