The USD moved higher after the FOMC rate decision yesterday in the three major currency pairs (EURUSD, USDJPY, GBPUSD). However, there was a limit to the upside and the market started to waffle once again. The US jobs report will be released tomorrow and that may put a governor on the price action. Also, there are another dump of earnings after the close including Apple, Amazon and Meta.
For the EURUSD in trading today, the pair did make a new low in early European trading, but as for buyers against its 100-day moving average at 1.0774. Since then the price has rebounded back into a swing area between 1.08038 and 1.0824. On the top side looms the 200 day moving average 1.08394. With the 100-day moving average below holding support the 200 day moving average as resistance above, the pair is positioning between those two extremes with the aforementioned swing area as an interim barometer for buyers and sellers (bullish above and bearish below).
The USDJPY traded higher after the FOMC rate decision and Powell's comments, but stalled ahead of its 100 hour moving average and 100-day moving average. The subsequent fall but the price back below a swing area between 146.96 and 147.067. That area is close resistance going forward. On the downside, a year between 145.96 and 146.22 are targets. Below that, the 38.2% at 145.52 is the next target.
The GBPUSD remains below the 100/200 hour MAs at 1.2692 and 1.2701. Staying below is more bearish. ONt eh downside today, the price stalled at the 61.8% retracement at 1.26243. Move below that level going forward and the low of a swing ara near 1.2600 would be targeted. The price of the GBPUSD since December 13 has traded between 1.2600 and 1.2800 for all but a handful of hourly bars. At some point, the market will stop the ups and downs. Until then, the 100/200 hour moving averages (1.2692 to 1.2701) is the barometer between the extremes. That bias is to the downside currently with the price at 1.2658 below those MA levels. .
