USD making new lows
The USD is making new lows cancel the major currencies. The GBPUSD is now up 90 pips on the day. The AUDUSD and NZDUSD are also running to the upside (lower USD). The USDJPY is down -80 pips (lower dollar too).
EURUSD. The EURUSD has extended briefly above the 50% retracement 1.21786 to a new high of 1.2182. The 100 hour moving averages at 1.21905 and the 200 hour moving averages at 1.21995. They would be the next target on further upside momentum.
GBPUSD. THe GBPUSD is up testing the key 1.4200 level. Remember the high price yesterday peaked at 1.4203 but only briefly as traders lined up against the level. It would take a move above the 1.4200 level to give the pair a more bullish bias with 1.42193 as the next upside target (highs from May 18 and May 27).
USDJPY. The USDJPY is dipping below the 200 hour moving average now at 109.542. The low price just reached 109.48. The 100 hour moving averages at 109.74. Stay below the MAs keep sellers more control.
USDCHF. The USDCHF is also trading back below its 200 hour moving average at 0.8986. Earlier, the 100 hour moving average was broken at 0.89976. Like the USDJPY, stay below the moving averages and the sellers remain more control.
USDCAD: The USDCAD is stock right around its 100 and 200 hour moving averages both near 1.2075 as traders await the next shove. Crude oil is so far staying below the key $70 level. The high price reached $69.76. The current price trades at $69.50.
AUDUSD: The AUDUSD as a just moved back above its 100 and 200 hour moving averages. The 100 hour moving average comes in at 0.7723. The 200 hour moving average comes in a 0.7732. The high price just reached 0.7741. PS the 100 day moving averages is also at 0.7724 - just above the 100 hour MA. That level is key support now. Stay below is more bullish.
NZDUSD: The NZDUSD has moved back above its 100 day moving average at 0.7178 (now risk for longs). Stay above is more bullish. The high has just reached 72086 which is near the swing low from Wednesday's trade and a swing low from yesterday before breaking to the downside. Get above that level and traders will be eyeing the 50% retracement of the move down since last week's high at 0.72203. The 100 hour moving average comes in at 0.72235 and makes that area another key upside target.
The NASDAQ continues to push higher and is currently up 164 points or 1.21% at 13778.31. It's high price did extend up to 13789.40.
The S&P index is up 26 points or 0.62% at 4218.89. The all-time high price for the S&P is up at 4238.04.
The Dow industrial average is up 94.81 points or 0.28% at 34673. That index is lagging as flows head into the more interest rate sensitive NASDAQ index.
The US 10 year yield is now down -5 basis points at 1.573%.
Gold prices are up $21 or 1.14% at $1892.17. That is just off it's high price of $1892.30
