Correction Thursday.
GBPUSD
The GBPUSD reached new lows going back to May 2009 at 1.4077 and bounced. A technical catalyst was the move above the lows from Tuesday and Wednesday at the 1.4125. The move higher has seen the price move above the 100 hour MA but no closes above yet (at 1.42146 now). The close was 1.4190 yesterday. The correction off the high has remained above the 1.4190 level so far. The high for the day stalled at the 1.4227, the low from 2010.
EURUSD.
The EURUSD just squeezed up to the 100 hour MA (blue line in the chart below). The price moved above the 1.0846-48 which was a 50% midpoint for the day and the year (2016). The buyers came flying in and pushed the price above the 1.0859 level in an instant (lows from earlier this week), and an instant later up to the 100 hour MA (blue line in the chart below). The price is currently trading at 1.0879. Support at 1.0859 now - again - the low from Tuesday and a low from last Friday. WILD!
USDCAD
Twelves straight days higher was broken yesterday. Today, the price made it to the 50% midpoint of the move up from the January 4 low to the high reached just yesterday. That level came in at 1.42509 and the price extending below that level to 1.4226 before bouncing back higher. The rise in oil has helped the bullish sentiment for the CAD (bearish for the USDCAD). The March crude oil contract had low of 27.85 and high of 30.27. It currently trades at 29.75.
AUDUSD
The AUDUSD based near the 100 hour MA (blue line) broke the 200 hour MA and recent highs. The price has stalled ahead of the 38.2% retracement of the move down from December 31. Support/risk is at 0.69567 – the earlier high from today and the high from Tuesday.
