With US stocks racing higher and yields moving lower, the risk-on currencies (CAD, AUD and NZD) are moving to the upside (the USD LOWER) in trading today, and testing respective 200 hour MA levels.
- Dow is up 854 points or 2.98% at 29581.48
- S&P is up 104 points ro 2.90% at 3689.73
- Nasdaq is up 274 points or 2.60% at 10849.127
In the US debt market:
- 2 year 4.105%, -10.5 bps
- 10 year 3.656%, -14.7 bps
- 30 year 3.710%, -5.5 bps
USDCAD : The USDCAD (see hourly chart above) has moved down to test the 200 hour MA target at the swing level at the 1.36372. Buyers are leaning on the test. A break below is needed to increase the bearish bias witht eh 38.2% at 1.3600 as the next target.
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NZDUSD : The NZDUSD (see chart above) moved up to test it's 200 hour MA and briefly traded above but has backed off a bit. The buyers area trying to push the level again. A move above would target the 0.57535 swing area.
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AUDUSD: The AUDUSD (see hourly chart above) is making it's 2nd look above its 200 hour MA at 0.65096 level. A move above would look toward the swing area between 0.6531 to 0.6537 area. Move above and the 38.2% at 0.65738 would be targeted.
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