EURUSD backs off. USDJPY trying to get back above 109.00
The US dollar is seeing a little more buying as the US stock market looms ahead. The major indices are expected to open with solid gains after yesterday's sharp selloff.
The EURUSD tested the 1.2472 old trend line, stalled and is trading back at 1.2450. The 100 bar MA on the 5 minute is at 1.2447. The 200 bar MA is at 1.24306.
The USDJPY is back above the 100 hour MA at 108.878 again. It moved above after the ADP, but stalled ahead of the 109.00 level and moved back below the level. We are back above the MA line and looking to push the high for the day at 109.084, with the highs for the week at 109.20 as another target today.
The GBPUSD has been trading above and below its 100 hour MA at 1.4146 today. A move back below that level would put the sellers back in control. That level is also the close from yesterday.
The USDCHF did trade below the low from yesterday but only by a pip or so. The price is wandering slowly, back to the upside. The 100 hour MA and trend line at 0.93578 is a key level to get to and through. The price is currently at 0.9339 so there is some room.
Although there is a little move higher, the action is not running. Moreover, the dollar highs in each of the pairs have still not been reached. However there is a little tilt in the USD direction heading into the equity opening.
