A look around the markets

The activity has slowed down as the NY afternoon session gets going.

EURUSD:

The EURUSD eventually fell away from the 200 bar moving average on the 5 minute chart (Green line in the chart above). The full took the price toward the 38.2% retracement and other swing levels at the 1.17847 area. The low could only get to 1.1789. We are currently trading at 1.1798 and looking like shorts might be getting tired for now. The 200 bar MA will be eyed above on a wander higher.

GBPUSD:

The GBPUSD rallied to a topside trend line at the high today and stalled. The move lower today stalled ahead of the 100 day MA at 1.3114. We are above the 100 bar MA on the 4-hour at 1.3157. We are testing the 200 bar MA at 1.31835 but remain below it. Use those moving averages for bullish or bearish barometers, and them use the trend line above and the 100 day MA below as confirmations of a bullish(on a move above the 200 bar MA) or bearish (on a move below the 100 bar MA) . The pair continues to struggle with direction. It is up to us to prepare for a break and run though.

USDJPY

The technical story of the USDJPY is about the 200 bar MA on the 4-hour chart. Last week it was support. Today, the price broke below and we just tested and held. So support turned to resistance. Stay below the MA at 113.184 is more bearish. Move above is more bullish again.

AUDUSD.

The AUDUSD tested trend line support on the daily chart and took a peak down to 0.7573 (the trend line comes in at 0.7577). The price is back up to 0.7583, not going far from the line, but respecting it like a barking dog. A move back above 0.7600-10 would take some of the downside pressure off the pair. A break to new lows would take some of the fear from the barking dog away. The 0.7528 would be the next target.

USDCAD

The USDCAD at the low yesterday fell below the 100 hour MA (blue line) but held trend line support. Today, both the 100 hour MA and the trend line held. Where did the price go? It went scooting up and eventually stalled at the 50% midpoint retracement of the move down from the October 31 high at 1.27898. The price has rotated a little lower and has traded above and below the high from yesterday at 1.27728. Can it get below that level and stay below? That is what sellers are looking for from a technical perspective. The 1.2760 (38.2%) would be the next downside hurdle. On a break of the 50% midpoint, the 61.8% and swing high from November 7th at 1.28192 becomes the focus (and the bulls/buyers cheer).

Nasdaq

The Nasdaq tumbled to the 200 hour MA (green line at 6663.69 currently) in the first hour, then corrected higher to the 100 hour MA (blue line at 6727.20 now) into midday. The index has backed back lower a bit. The support and resistance is defined. Which way does the market break?