What is happening in the markets today and what are the key technicals in play for some of the major currency pairs?
- Stocks are under pressure with FedEx warning of slower growth and cost cutting measures.
- 2:00: The EURUSD is tilting to the downside in the short term as it trades below the 100/200 hour MAs, but stays in an up and down range near lows.
- 4:20: The USDJPY is also confined today and trades above and below the converged 100/200 hour MAs.The Bank of Japan intervention took the volatility out of that pair, but it remains above the 38.2% of the last trend move higher.
- 6:54: The UK retail sales sent the GBPUSD pair to the lowest level since 1985 breaking below the pandemic low in the process and the low from last week near 114.04-08. Stay below is more bearish.
- 8:40: THe USDCAD broke to new highs for the year yesterday, and stayed above that level. The pair traded to the highest level since November 2020.(sorry for the problems with the USDCAD. The 50% is not 1.1336 but 1.3336