Dollar fall continues....

Technical Analysis

Author: Greg Michalowski | session-wrap

Dollar highs left in the dust.

The chart below shows the change from yesterday of the major currency pairs and crosses. Focusing on the majors, the dollar highs (lows for EURUSD, GBPUSD, AUDUSD, NZDUSD and hgihs for USDJPY, USDCHF, USDCAD) came after the better than expected data. Then the waters started to get more muddy technically and the pairs are either back toward unchanged on the day, or the dollar is now lower on the day (vs the AUD and NZD).

We cannot predict what will happen. We can only define and limit our risk. hope the market agrees and accept success or failure.  That's life. That is trading.  

EURUSD moved close to the 50% of the 2017 range at 1.05839. Remember the 1.0578-87 from yesterday.  We just reached a high at 1.0580.  That area will be eyed. Risk defining level.


GBPUSD broken back above the 100 day MA at 1.2429 and raced higher.



USDJPY fall back to the 200 hour MA on the 4-hour chart at 114.35 (dipped below it).  The 38.2% of the move down from the 2017 high comes in at 114.26.  That area is the support target below.  


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