The USD remains higher but off the higher levels and remains stable.
- EURUSD: The EURUSD has fallen and below the November high it is close to 1.0480 and 1.0496. The low price reached 1.04277 shortly after the jobs report. The rebound extended to 1.04903 – between the aforementioned swing zone. The current price is trading at 1.0470. Staying below the lower highs keeps the sellers in play in the short term. Stay above the hourly moving averages below to keep the buyers in play. There is an ongoing battle between the risk/bias defining levels.
- USDJPY: USDJPY is back above the 100-day moving average and tested the 38.2% retracement of the decline from Wednesday’s high to today’s low. This retracement level comes in at 136.00. The high price reached 135.977 before reversing lower. The current price is trading at 135.49. Near support comes in at 134.83. This is the 200-hour moving average on the five-minute chart (not shown). Below, the 200-day moving average at 134.511 will be targeted. On the upside, the breakout of 135.81 followed by the 38.2% retracement at 136.00 would have traders looking towards 136.75 and the 100 hourly moving average down to 137.347 currently. It is disappointing that the 38.2% retracement could not be broken.
- GBPUSD: The GBPUSD declined following the US jobs report and in doing so briefly fell below the 38.2% retracement of the week’s trading range and the 200-day move. average close to the 1.2152 level. However, the momentum could not be sustained and the price started to rise again, rallying to what was a low yesterday and today’s Asian session at 1.21213. The price is back by testing this old floor (now the ceiling). A move above would increase the short-term bullish bias.
This article was written by Greg Michalowski at forexlive.com.
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