The US data today was on the slower side for inflation and growth (CPI, retail sales, NY Fed manufacturing index). That has the USD moving lower, yields moving lower and US stocks higher.
What has it done to the technicals for the 3 major currency pairs - the EURUSD, USDJPY and GBPUSD?
EURUSD: The EURUSD moved higher and in the process moved above the 100 day MA at 1.0823 and above the 61.8% of the move down from the March high at 1.08354. Those are close risk levels for buyers looking for more upside. For seller, getting back below the 100 day MA is required to get the technical bias more in favor of the sellers. On top there is resistance at 1.0875 – 1.0887.
USDJPY: The USDJPY has moved back below its 100 bar moving average on the four hour chart at 155.52. On the downside, the 38.2% retracement of the move up from the March low comes in at 154.962. The price did move below the 38.2% but could not sustain momentum. Getting back below that level - and staying below - is critical for the sellers. Absent that,and there could be some disappointment.
GBPUSD: The GBPUSD moved back above the 100-day moving hours at 1.26327. The price also extended above the 50% midpoint of the 2024 trading range. That level comes in at 1.25957. Both those levels are barometers going forward for both buyers and sellers. Staying above keeps the buyers more in control.
