USD tumbles lower. The weakest of the major currencies

The USD is tumbling lower as major pairs make a break for it. The USD is now the weakest of the major currencies . The AUD remains the strongest.

Looking at some of the major pairs.

EURUSD trades to a new 12 month high
  • USDJPY is breaking back below the 200 hour MA at 137.506 and now breaking below a swing area between 132.19 and 132.27. The 50% midpoint of the move up from last week's low comes in at 132.314. Stay below the 200 hour MA keeps the bias more in the favor of the sellers from a technical perspective.
USDJPY breaks below 200 hour MA
  • GBPUSD is breaking to its highest level since June 2022 on its move above the the early April high at 1.25246. The high price reached 1.25367, but has backed off a bit and trades around the early April high. The GBP is the next weakest of the majors so it is having some apprehension. The price action in April has seen the pair move above and below a key swing area between 1.24228 to 1.2443. The waffling around that area is indicative of a market that is unsure at current levels. Nevertheless, the buyers remain more in control above that area now.
GBPUSD moves above the early April high
  • USDCAD has broken below its 200 day MA at 1.33938. The last time the price of the USDCAD traded below the 200 day MA was back on August 11, 2022. Stay below keeps the sellers more in control. The next target area comes in near 1.3300 to 1.3320.
  • AUDUSD: The AUD is the strongest of the major currencies and in the process has moved back above its 200 day moving average at 0.67442. Earlier this month, the price moved above those levels, but found sellers ahead of the 100 day moving average currently at 0.67995. The current price trades at 0.6769. The high price for the day is just above that at 0.6772. The 38.2% retracement of the move down from the 2023 hi to the March low comes in at 0.67905 just ahead of the 100 day moving average near 0.6800.
AUDUSD breaks above its 200 day moving average