Stocks give up gains. Currencies making new extremes
The hospitalizations in Texas rising by 11% has sent the markets moving. The US stocks gave up their gains (seeing a modest rebound).
Currency pairs have moved to new extremes including the EURUSD, GBPUSD, USDJPY, USDCAD.
EURUSD: The EURUSD fell below the lows for the week at 1.1221-25 adn belwo the low from last week at 1.12119. The price has rebounded off the low at 1.1206, and trades between the 1.1225 level above and the low from last week at 1.12119. Sellers would not want to see the price move back above the 1.1225 level now after the break.
GBPUSD: The GBPUSD has extended the range and in the process moved below its 100 day moving average at 1.2522. The price currently trades at 1.2518 after trading to a low of 1.2510. The break of the 100 day moving average will have traders watching that level. Stay below is more bearish.
USDJPY: The USDJPY fell below its 100 hour moving average at 107.243. That moving average has stalled falls over the last few days. Stay below now keeps the bears more in control.
USDCAD: The USDCAD as a broken above its 100 hour moving average at 1.35798. That is now close risk level for longs. Stay above keeps the bulls in control.
