There are shifts in the biases in all the the major markets today:
- The US dollar is moving lower with its king's crown starting to get tarnished from a technical perspective (some work to do)
- US stocks are higher with all the major in indices now up 1.25% or more
- US yields are lower with the 2 year yield down -15 basis points. The 10 year yield down -18 basis point and the 30 year yield down -14 basis points
- Gold is surging with its price up around $30 or 1.83% at $1658.60
Taking a look at the US dollar:
- EURUSD has moved above its 100 hour moving average at 0.9676 and also into a swing area between 0.9662 and 0.9708. That level area was home to swing lows going back to June and October 2002. Getting above 0.9708 would be another step in the bullish direction. Close risk is now the 100 hour moving average and low of the swing area at 0.9676 and 0.9662 respectively.. A move above 0.9708 would have traders looking toward the next key resistance level at the 200 hour moving average at 0.98127. That is also home to some swing levels going back to September 21, September 22 and September 23
- GBPUSD: The GBPUSD is moving above its 100 hour moving average at 1.0850. The price also moved above the high price from yesterday and again today at 1.0837. The current prices trading at 1.0864 - just below the underside of a broken trend line (next close target). The close risk is now the 1.0837 level (highs from yesterday and earlier today). On the topside, the pair is testing the underside of the broken trend line 1.08746.
- USDCAD trades below its 100 hour moving average for the 1st time since September 13 (blue line in the chart below)
- USDJPY: The USDJPY is drifting further away from its 145.00 ceiling. The rising 100 hour moving average comes in at 143.827. The 200 hour moving average comes in at 143.677. The low price has so far reached 144.029.
AUDUSD: The AUDUSD has moved above the 100 hour MA and looks toward the downward sloping trend line. So far the Trend line is holding resistance. Can the buyers keep the momentum going?