The US stocks have continued their move to the downside. The S&P index is now below its 200 hour moving average at 4093.45. Stay below that level will keep the bears more in control. The NASDAQ is also back below its 200 hour moving average at 12063.39. The current price is at 11928.79, down -151 points or -1.25%.
The fall in stocks has led to the dollar moving higher as London traders look to exit
- EURUSD : The EURUSD moved to and through the swing area between 1.0633 and 1.0641. The low price reached 1.0626. The current price is trading just above the high of that level at 1.0642. Although the break below that key swing area has not led to more momentum selling. It still is a key area to eye. The 38.2% retracement of the move up from the May 12 low comes in at 1.06187. That is also a key target on the downside to get to and through if the sellers are to take more control.
GBPUSD: The GBPUSD is also continuing its step to the downside, and has now moved below its 38.2% retracement of the move up from the May 13 low at 1.24705. That also took the price below the May 24 low near that same level. Swing lows from May 20 at 1.24507 and 1.24355 are the next downside targets. The low price has so far reached 1.24578.
USDJPY: The USDJPY moved above a a swing area between 129.63 and 129.79. The price has also moved above the natural level at 130.00. The high price reached 130.10. The price is currently trading at the 130.00 level. A natural level like the 130.00 is expected to attract interest just because it's a round number. It is also between the swing area below from 129.63 to 129.787, and a higher swing area between 130.49 and 130.553.There may be some waffle above and below the level. Be aware, but the bias is still in favor of the buyers.
