Nasdaq down -0.78%
The US major stock indices are closing lower with the tech heavy Nasdaq suffering the most.
The chips stocks did not do well today as Taiwan Semiconductor Manufacturing - a key to partner to Apple and Nvidia - lower their revenue forecast for the 2nd quarter. Morgan Stanley said apples iPhone was the reason for the poor guidance.
Has recent swing highs to contend with at 107.38
The USDJPY have moved above the 100 hour MA at 107.244 and ran a little. This is similar to the move seen yesterday that ended up stalling at the swing high from Monday's trading at 107.383 (see red circles). We currently trade at 107.34 - just short of that ceiling.
Not running but staying below...
The GBPUSD tumbled in trading yesterday on the back of technical breaks and some weaker than expected inflation data.
The last 7 trading hours, has seen the price below the 200 hour MA. That MA comes in at 1.42153 (and rising a bit). The 38.2% of the April range comes 1.4219. That area is close risk for shorts looking for more downside in the pair.
A few pips here and there after the report
The Fed's Beige Book had little impact on the USD.
The USDJPY on the hourly chart trades around the midpoint of the 10 day trading range at 107.192. The 100 hour MA is above that at 107.245. The 200 hour MA is below at 107.118. The price is trading at 107.20. The price is still stuck in the mud.
USD/CAD back below 1.2600
USD/CAD jumped nearly a full cent on the Bank of Canada decision to leave interest rates unchanged. No move was mostly expected but OIS pricing showed about a 20% chance of a move so the kneejerk higher was understandable.
Up 1.17% on the day
Japan's Nikkei is up 266 points or 1.22% in early trading. The move higher comes on the heels of some lofty gains in the US. The Nasdaq rose by 1.74%. The S&P rose by 1.07% and closed above its 100 day MA at the 2700.47 level.
Pair moves toward 100 hour MA
, the USDJPY traded up and down yesterday but failed on the break above the 100 hour MA.
As posted earlier
The price in the early Asian session has moved higher and in the process is back testing the MA levels. The 200 hour MA is at 107.12. The 100 hour MA is at 107.19. The 50% midpoint of the non trending range over the last 9 trading days is also at 107.19. Key bias level for traders.
Traders are trying to make up their minds
The NZDUSD in US trading, fell below the 200 hour MA (green line in the chart below) and an upward sloping trend line. That should have sent the price lower, but momentum faded and the price rotated back higher (see red shaded area).