Dollar corrective selling running out of steam

The USD started the North American session with a move lower, but that momentum has run out of steam.

• The EURUSD moved above its 100 hour MA at 1.0527 earlier today, and ran up to a high of 1.05769. However, the run higher could not reach the high from Friday at 1.0592 and the price has moved back to 1.0543 now and looks back toward the 100 hour MA at 1.05272.

• The GBPUSD moved back above its 100 hour MA (it has been above that level at least once over the last 3 trading days ) at 1.25245. The high reached to 1.25664 but is now back down and trading above and below the 100 hour MA at the moment. There been three failed runs above the 100 hour moving average today.

• The USDCHF tumbled to the 100 hour MA and below it for the first time since a brief dip on April 21. The pair once again dipped briefly below the 100 hour MA (now at 0.9728). The rebound has now taken the price back above the high from last Friday at 0.97577. Sellers - if they were serious - should not have let that happen. The price is now trading at 0.9770 as sellers remain nervous and buyers remain more in control. The pair closed at 0.9776 yesterday - the 8th straight up day. A ninth is not out of the question now as sellers turn back to buyers on the failed break.

• The USDCAD USD/CAD The USD/CAD is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Canadian dollar of Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed in order to purchase one US dollar. For example, when the USD/CAD is trading at 1.3500, it means 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the world’s most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh The USD/CAD is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Canadian dollar of Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed in order to purchase one US dollar. For example, when the USD/CAD is trading at 1.3500, it means 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the world’s most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh Read this Term, just dipped and ticked below the 100 hour MA at 1.28321. The break failed and the price has bounced back higher. Sellers need to get and stay below the rising 100 hour MA if they are to take more control. They are not ready to do that it seems.

• The AUDUSD AUD/USD The AUD/USD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one Australian dollar. For example, when the AUD/USD is trading at 0.7500, it means 1 Australian dollar is equivalent to 0.75 US dollars. The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the US Dollar The AUD/USD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one Australian dollar. For example, when the AUD/USD is trading at 0.7500, it means 1 Australian dollar is equivalent to 0.75 US dollars. The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the US Dollar Read this Term moved higher after the RBA raised rates by a greater than expected 25 basis points. The move higher took the price back above its 100 hour moving average (blue line currently at 0.70968) and also the 0.7100 level. The price has since moved back below the moving average level, and has traded above and below it over the last seven or so trading hours. The current price is trading just above the moving average at 0.7098. That is still well off the high price of the day at 0.7147. The North American session high could only get up to 0.7126.

• While other pairs vs the USD moved on the "other side" of the 100 hour MA today (i.e. the dollar lower side), the NZDUSD's rise today (lower USD) remains below it's falling 100 hour MA (blue line in the chart below). That moving average currently comes in at 0.64773. The Asian session high reached 0.6475 when the moving average was up at 0.64925. The current price is trading at 0.6437. The price of the NZDUSD has not traded above its 100 hour moving average since April 21