US dollar moves lower. Dollar reaches new intraday lows vs. the GBP, CAD, AUD and NZD

The USD has moved lower helped by a rotation off the highs in US yields. That is helping to support US stocks which are trading higher on the day.

In the US debt market:

• 2 year yield 4.573%, +2.2 basis points. The 2 year yield reached a high of 4.614%
• 10 year yield 4.142%, +1.5 basis points. The 10 year yield reached a high of 4.18% (a new cycle high)
• 30 year yield 4.154% +2.7 basis points. The high yield reached 4.18%

looking at the US stock market :

• Dow industrial average is up 307 points or 1.01% at 30731
• S&P index is up 26.8 points or 0.72% at 3721.90
• NASDAQ index is up 105.8 points or 0.99% of 10787.25

looking at the major US indices:

• GBPUSD has rotated back above its 100 hour moving average 1.1275 and has traded to a new session high of 1.13335. The next upside target area comes between 1.1350 and 1.13835. Now that the price has retaken the 100 hour moving average at 1.1275, that is now the support. Stay above is more bullish. Move below and the buyers are disappointed and likely exit. Move above 1.13835 in the door opens for a additional run toward 1.1459 to 1.14949.

• The USDCAD moved below the 61.8% retracement of the October trading range at 1.36836 and has also moved below the low price from Tuesday’s trade at 1.3656 and in the process moved into a swing area between 1.3637 and 1.3666. Buyers have leaned in that area and has bounced the price higher. The current price trades at 1.3679. Watch the 61.8% retracement 1.36836 as a close barometer..

• The AUDUSD has moved above its swing area between 0.6334 and 0.63456 and tests its 50% midpoint at 0.6358 of the October trading range. Traders will want to see the price stay above the swing area and extend above the 50% retracement to increase the bullish bias going forward.