Support & Resistance

The USD is moving lower but seeing a little of a rebound in early NY trading. What next?

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The USD moved lower vs the major currency pairs:

  • EURUSD moved to the highest levels since September 19 and back above the parity level. The price has rotated back down to the parity level. Do buyers stall the fall and continue the upside run. What are the charts saying?
  • GBPUSD is also higher on the day and rotated above the 61.8% into a swing area between 1.1598 to 1.16205. The 61.8 is trying to hold close support. On the downside, teh 1.1495 is a key target support if the buyers are to keep the momentum going
  • USDJPY moved down today without a BOJ intervention push which is something new. The price moved down to test its 61.8% of the move up from the October low and found support buyers. On the topside the 50% of the same move higher will be a key target resistance level at 147.727. KEY upside level going forward from a technical perspective
  • USDCAD fell ahead of the BOC decision. The 1.3500 level stalled the fall on the dip and rebounded to the underside of a broken trendline. The battle lines are in place ahead of the rate decision.

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