A quick look around
The dollar moved higher with some pairs making breaks and others holding at support/resistance levels. The question now becomes "Can the dollar momentum continue and lead to breaks in other pairs?" or "Will the breaks fail?"
Let's take a quick look at some of the BREAKS and HOLDS/
BREAKS
USDCAD. The USDCAD made another break above the 200 day MA and also above a resistance area between 1.3234 and 1.3247. The high stalled ahead of yesterday's high but I consider the aforementioned levels the big test. We are back in the yellow area but above the 200 day MA. Can it find buyers here and go higher from here?
GBPUSD. The GBPUSD has moved beack below the 100 hour MA for the third time today. The price failed on a break of the trend line and 200 hour MA today. So I see this as more bearish. Can it stay below the 100 hour MA now at the 1.2997 (call it 1.3000). If it can there should be more room to roam as the range is quite narrow today.
HOLDS
AUDUSD. The AUDUSD has moved lower but it has found support buyers ag. the 100 hour MA (blue line in the chart below). The last two days has seen the price test that MA and bounce (yesterday was more of a break that failed). Today the price moved right to the line and bounced. If the dollar buyers (AUDUSD sellers) are to take firm control, get and stay below that MA line...
EURUSD. The EURUSD is also in the HOLDING category. For this currency pair, the price ahs moved away from trend line resistance above, but the 100 day MA at 1.1184 was tested earlier in the day and again in the last hour of trading. If this pair is going lower, that MA line has to be broken and remain broken.
USDCHF: Looking at the USDCHF, the rally in the USD has sent this pair up to resistance against the 200 hour MA, the 100 bar MA on the 4-hour chart and the 50% retracement. All of those technical tools are centered around the 0.9733 to 0.97386. The high price moved up to 0.97345 and stalled. The 200 bar MA on the 4-hour chart is at 0.9720 and that level is being tested on the downside on the correction lower. IF the price can stay above that MA, there is a chance for a break higher later.....
