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Dollar is lowest vs the NZD and AUD
The USD is heading lower and is the weakest of the majors in early trading today. The pair is the weakest vs the NZD (up 0.31%) and AUD (up 0.27%) which are trading to new session highs as I type. The greenback is also higher vs the EUR and GBP (each up 0.18%).
Some technical levels:
- EURUSD: The EURUSD cracked above the 100 hour MA at 1.21069 and has stayed above over the last few hours (close risk for longs now). The next target comes in at the 200 hour moving average at 1.21376. The price moved above the 200 hour moving average yesterday but could not sustain momentum.
- GBPUSD: The GBPUSD yesterday bottomed just above its 100 hour moving average 1.36195. The low price reached 1.3622. The pair has moved up to test day swing area between 1.3670 and 1.36791 currently. A move above would look toward the 1.3700 area.
- USDJPY: The USDJPY is moving back toward the lows for the day and the 50% retracement of the move up from the January 6 low to the January 11 high. That level comes in at 103.489. Yesterday the price pushed below that level, but could not sustain momentum (the low reached 103.44).
- AUDUSD: The AUDUSD moved above the high from yesterday at 0.77602 and has extended to 0.77724. The next target comes in at 0.77809 (high from January 13). Above that and traders will be eyeing the high price from last week and back on January 8 at 0.77977 and 0.78045.
- NZDUSD: The NZDUSD is now trading above its topside trend line at 0.71878. The next target comes in at 0.72052. That is the 50% retracement of the move down from the January 6 high.
This article was originally published by Forexlive.com. Read the original article here.