AUDUSD and NZDUSD making new highs. USDCAD new lows
The US dollar is heading lower after Dudley's comments got the wheels in motion. The USDCAD has pushed to the lowest levels since January 4. The pair is testing lower trend line at the 1.3850 level. A move below will look toward the year low at 1.3810, and below that the 1.3760-70 area where another trend line and the 50% retracement are found.
The trend move lower should have resistance in the 1.3878 all the way up to 1.3905 (the low from Monday - see chart below)
The NZDUSD continues the run started from a much better than expected employment report. Technically, the pair moved above the 100 day MA at the 0.65949 earlier and is extending that run. The 0.6677-84 is the next target on the daily chart, followed by the 200 day MA at the 0.6722 if the bulls are to remain in control.
The risk is down to 0.6604 area where a lower channel trend line is found (see chart below). The topside channel trend line is being tested at the highs
A technical look at the AUDUSD from the daily chart shows the pair moving back up to test the 50% of the move down from the December high at the 0.7105. A move above that will have traders looking toward the 100 day moving average (blue line in the chart below). That moving average comes at 0.71422 today.
The close risk area for the pair comes in at 0.7082-88 now.
