Technical Analysis

US dollar moving to new lows. USD is now the weakest of the major currencies

The CAD is the strongest

The USD is now the weakest of the major currencies.  The CAD remains the strongest. 

The greenback is trading to new session lows verse the GBP, CHF, CAD, AUD and NZD. The pair is just off it’s session low vs the JPY. The EUR and USD are battling it out for the weakest of the major currencies.

Below are the percentage changes of the major currencies verse the US dollar. The dollar is down -0.76% versus the Canadian dollar. It is near unchanged verse the EUR. 

The USD changes

USDCAD: The USDCAD is starting to move away from the 200 hour MA and the 50% retracement of the range since June 23. Both are at 1.23503. The current price is at 1.2339.  Stay below the levels and the bias remains more bearish.

USDCAD on the hourly chart 
GBPUSD: The GBPUSD is moving closer to its 200 hour moving average at 1.38198 (and moving lower). The price of the pair has not had a closing hour above its 200 day moving average since June 25 (last Friday). There was only one hourly bar that traded above the moving average (on Monday), but that break was quickly rejected.  
GBPUSD is testing its 100 hour moving average
USDCHF: The USDCHF is trading down to test a swing area at 0.92127 and below that the 50% retracement of the move up from the June 25 low and its 200 hour moving average at 0.9206.  Moving below that support would tilt the bias more to the downside.  Earlier today, the 100 hour moving average was broken but momentum on the break slowed.  However the last two hourly bars have been able to stay below its 100 hour moving average, and sellers are starting to push lower as a result. 

Articles You May Like

The Fed’s path to a ‘Goldilocks’ economy just got a little more complicated
Nasdaq technical analysis
Sam Bankman-Fried reveals the circumstances behind Bahamian withdrawals
USD Index: Next potential supports located at 2020 peak of 103 and 101.90/101.30 – SocGen
GBPUSD making new highs and works toward 200 day MA

Leave a Reply

Your email address will not be published. Required fields are marked *