It just needed to kick in the butt....
The reaction to the data was muted at best (see my post), but then it got a kick in the butt and move has moved higher. The EURUSD, USDJPY, USDCAD, NZDUSD are making new extremes. The GBPUSD has trouble at support above 1.2400
EURUSD: The EURUSD fell below trend line at 1.0604 on the hourly chart outlined in an earlier post. And looks toward the lows from Friday/Monday at 1.0577-81 and then 1.0568.
USDJPY: The USDJPY is up testing the high from yesterday at 111.357 (high just reached 111.344). Other targets come in at 111.44 (high from May) and 111.87 (high from April). If the pair squeezes above the 111.357 high and 111.44, there is other resistance at trend lines on the hourly chart at 111.60 currently (see chart below).
USDCAD: The USDCAD stalled at the lower extreme trend line (see prior post). The rebound has taken the price above the 50% of the months trading range. The 100 hour MA is above at 1.3457.
NZDUSD: The NZDUSD is trading at new session lows, breaking below the 100 hour MA at 0.70498 in the process (now risk for short). The 200 day MA at 0.70279 is another key level. The last three trading days has seen the price trade above and below the 200 day MA. That says the market is tired and is using the key MA as an area to stall the fall. At some point, the price will move away. Do we bounce off the MA, or break back below for the 4th day in a row? Trader's like to lean. So they are leaning on the first test. But look for a stop on a move below that MA line.
