Dollar buying seen on stock decline
EURUSD: The EURUSD moved up to test its 200 hour moving average after the FOMC decision at 1.21288, but has since rotated back to the downside a stocks trade to new session lows. The price is currently trading just below the 1.2100 level and below the 61.8% retracement of the move up since January 18 at 1.21049. The next target area comes in between 1.20756 1.20806
GBPUSD: The GBPUSD fell back below its swing area between 1.3700 and 1.37088 and the 100 hour moving average at 1.36964. The low has extended down toward the next target at 1.3679. A move below that would look toward the 38.2% retracement of the move up from January 18 at 1.3667 and the 200 hour moving average 1.36607. Earlier today the price stalled against the 200 hour moving average. Close risk is now the 100 hour moving average 1.36964 as the bias and tilt back to the downside.
USDJPY: The USDJPY has move back up to retest its high for the day between a resistance area of 104.156 104.190. The high price just reached 104.165. That is just short of the earlier high for the day at 104.172. Move above 104.19 would open the door for further upside momentum toward 104.39 hi from January 11 and the falling 100 day moving average at 104.433.
AUDUSD: has moved down to test the low from January 18 at 0.76584. Earlier today, the price broke below that level on its way to a low of 0.7643. That was just above the swing low from January 4 (and low for 2021) at 0.76414. A move back above 0.7669 low from yesterday gives the buyers some relief. However the price needs to stay above that level.
