Technical Analysis

Dollar moves higher and tests some technical targets


The dollar has moved higher and in the process is testing some technical target in the major currency pairs.

EURUSD: The EURUSD is cracking below the 1.17399 level (swing level) and will now look toward the swing area at 1.1713 to 1.1720. The lows today stalled against the high of that extreme area.   Key area being approached…

USDJPY:  The USDJPY moved up to test the swing area and 200 bar MA on the 4-hour chart and found sellers (in the 106.62 to 106.705). Resistance is holding so far.

GBPUSD:  The GBPUSD is trading to a new day low and tests a lower trend line connecting lows recent 24 hour lows at 1.3049. A break below would have traders looking toward an upward sloping trend line tested yesterday. That trend line comes in at 1.3029 (and moving higher). 

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