Further dollar selling sends the greenback falling against the EUR, JPY, CHF, CAD, AUD and NZD


The USD sees further selling at all levels. USD Hits New Lows Against All Majors currencies

Currencies

Currencies are generally a widely circulated form of money, being the primary medium of exchange when it comes to buying and selling goods and services. These are often issued by a specific government or set of governments, in the form of paper notes and coins. Other forms of currencies include previous metals such as gold and silver, and digital currencies such as Bitcoin. Currencies serve as the backbone of the economy of the country or countries, due to the perception of value held by the people who use that currency. For example, the US dollar (symbol $, code USD) or the British pound sterling, (symbol £, code GBP), also called fiat money, because they are not tied to any specific asset, such as gold or money. These metals were traditionally used as the primary means of payment, as they had real and effective value. Even after the introduction of paper banknotes, many countries maintained a gold standard for much of the 20th century, meaning that one unit of currency could be exchanged for a fixed amount of gold. How to exchange currencies? The modern world, with the invention of electronic networks, computers and the Internet, has allowed the transfer of money to occur almost instantaneously. It also spawned a new era in currencies, including digital currencies, such as Bitcoin and Litecoin. Not backed by any government, but based on a complex set of mathematical software algorithms, the ubiquity of the internet has sparked interest and adoption in digital currencies, while offering relative anonymity. Digital currencies can now also be traded online, through exchanges and brokers, similar to foreign currency trading, known as the forex market. Forex is the largest market in the world, with a turnover of more than 5 trillion dollars per day, where fiat and floating currencies are bought and sold against other currencies, such as the euro against the dollar (EUR/USD) and the pound sterling against the Japanese yen (GBP/JPY).

Currencies are generally a widely circulated form of money, being the primary medium of exchange when it comes to buying and selling goods and services. These are often issued by a specific government or set of governments, in the form of paper notes and coins. Other forms of currencies include previous metals such as gold and silver, and digital currencies such as Bitcoin. Currencies serve as the backbone of the economy of the country or countries, due to the perception of value held by the people who use that currency. For example, the US dollar (symbol $, code USD) or the British pound sterling, (symbol £, code GBP), also called fiat money, because they are not tied to any specific asset, such as gold or money. These metals were traditionally used as the primary means of payment, as they had real and effective value. Even after the introduction of paper banknotes, many countries maintained a gold standard for much of the 20th century, meaning that one unit of currency could be exchanged for a fixed amount of gold. How to exchange currencies? The modern world, with the invention of electronic networks, computers and the Internet, has allowed the transfer of money to occur almost instantaneously. It also spawned a new era in currencies, including digital currencies, such as Bitcoin and Litecoin. Not backed by any government, but based on a complex set of mathematical software algorithms, the ubiquity of the internet has sparked interest and adoption in digital currencies, while offering relative anonymity. Digital currencies can now also be traded online, through exchanges and brokers, similar to foreign currency trading, known as the forex market. Forex is the largest market in the world, with a turnover of more than 5 trillion dollars per day, where fiat and floating currencies are bought and sold against other currencies, such as the euro against the dollar (EUR/USD) and the pound sterling against the Japanese yen (GBP/JPY).
Read this term with the exception of the GBP (although the USD is also weakening against the currency).

  • EURUSD: The EURUSD
  • USDJPY: USDJPY is testing lower Tuesday and Wednesday morning swing highs between 118.41 and 118.44. The low just hit 118.39. Move below and the rising 100 hourly MA at 118.164 is the next key target. The price has not traded below the 100 hourly MA since March 7th. See the previous article and graphic HERE.
  • USDCHF: USDCHF broke below the 100 hour MA at 0.9384 and the next swing zone between 0.93628 and 0.93709. The 38.2 retracement at 0.9341 and the 200 hourly MA up at 0.93316 are the next major targets now. See previous post and chart HERE.
  • USDCAD: The USDCAD fell below the 100-day MA earlier and remained below this level. Price has now extended below a swing zone between 1.2656 and 1.26452. The next target area is between 1.2620 and 1.26263. See previous post and chart HERE.
  • AUDUSD: AUDUSD ended the round from the March 10/11 highs with a break above the 0.7367 level and did not stop until the zone high. swing at 0.73799 is also crossed. The high price just hit 0.73892 and entered the extreme bullish zone which took the price up to 0.7440 on March 7th. Stay above 0.73675 and the bulls will have more control. See previous post and charts HERE.
  • GBPUSD: GBPUSD was the hardest hit (and the weakest of the majors today) after the BOE rate hike and less hawkish sentiment. The price bottomed near the 200 hourly MA at 1.30975 and a swing zone between 1.3080 and 1.30875 (the low reached 1.30865). The rally back has now taken the price above a higher swing zone between 1.3138 and 1.3143. Staying above this level makes intraday buyers feel comfortable. See previous post and charts HERE.


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