The NZD is the strongest while the CAD is the weakest as NA trader enter

Technical Analysis

Author: Greg Michalowski | forex

The USD is mixed in early trading

The day is a bit mixed up as two commodity currencies go different ways and the USD is also mixed as North American traders enter for the day.  

The ranking of the strongest and weakest currencies are showing the NZD is the strongest currency while the CAD is the weakest.  The USD is stronger vs the EUR, GBP (well unchange) and CAD, but weaker vs the JPY, CHF, AUD and NZD.

The ranges are reflective of the mixed up picture today. All the major currency pairs vs the USD are trading with ranges much below their 22 day average ranges (red line in the chart below)  The EURUSD is trading at the low and back in the red after rising earlier in the session.  The EURJPY, EURCHF and EURGBP are also trading near low levels.

In other markets at the start of the day:
  • Spot gold is trading down -$6 at $1317
  • WTI crude oil futures are trading down -$0.41 at $61.64
  • Bitcoin has rebounded and trade up $174 at $9792. It is above the 100 hour MA at $9225 and above its key 200 day MA at $9050. Being above both those levels gives buyers some comfort. 
US stocks in pre-market trading are higher:
  • S&P futures imply a 4.75 point gain
  • Dow futures imply a 58 point gain
  • Nasdaq future imply a 27 point gain
US yields are mixed
  • 2 year 2.27%, up 1.2 bp
  • 5 year 2.66%, up 0.8 bp
  • 10 year 2.899%, up 0.4 bp
  • 30 year 3.156%, down -0.4 bp
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