A little buying in stocks
With less than a hour until the US equity markets close, we are seeing a little bounce in stocks and some dollar selling.
In the currency markets:
- EURUSD. The EURUSD hasd moved above its 100 bar moving average on the 5 minutes chart at 1.17572. And has extended up to 1.1767. Stay above the 100 bar moving average would keep the buyers happy. The next target would be the 38.2% retracement of the days trading range at 1.17849
- GBPUSD: The GBPUSD trades the highest level in 5 hours and trades back above the 1.2800 level. The next target would be the falling 100 bar moving average at 1.28144. Like the EURUSD a move above gives the buyers some intraday control.
- USDJPY: The USDJPY tried to extend above its 100 hour moving average at 104.778 currently. The high price reached 104.833. However the price has move back below that moving average line and trades at 104.72. Stay below the 100 hour moving average would keep the sellers happy.
In the US stock market, low and the last hour to 10597. The price is currently trading at 10680.
The Dow traded 22790. It is currently trading at 26980, nearly 200 points higher off that low within the last hour of trading.