Technical overview for the major pairs
EURUSD: The EURUSD fell in the London/European session falling to a low price of 1.2163.. That was just above a swing low area near 1.2159. As the North American traders entered, the price started to move higher and extended back above its 100/200 hour moving averages at 1.22049 and 1.22091 respectively. The high price moved to 1.221784 for the North American session. The close from yesterday was at 1.2213. The current price is trading just above the 200 hour moving average of 1.22091. Stay above it and the 100 hour moving average at 1.22049 keeps the buyers more control. Stay above the moving averages and traders will start to focus toward 1.2239 to 1.22448 as the next major target area.
GBPUSD: The GBPUSD fell into the New York opening to a swing area between 1.4110 to 1.4115 and found dip buyers. The move back to the upside in the North American session has taken the price to new day highs. The price as also moved in between the 200 hour moving average at 1.41649 and the 100 hour moving average at 1.41826. The high price reached 1.41827. The current price is trading in between those two moving averages at 1.41768. It will take a move above the 100 hour MA above to tilt the bias more to the upside. A move below the 200 hour MA at 1.41649 would be more bearish.
USDJPY: The USDJPY it is still higher on the day (closed at 109.489 with the current price at 109.529), but has tilted the bias more to the downside on a break back below its 100 hour moving average currently at 109.677. That moving average which has been rising (more bullish), is starting to flatten and tilt a little more to the downside. Stay below the 100 hour moving average and traders will start to target the lows from Monday, Tuesday and today between 109.322 and 109.346.
USDCHF: Like the GBPUSD, the USDCHF as seen moves in both directions. Also like that pair, the pair is currently trading between its 200 hour moving average at 0.8976 and its 100 hour MA at 0.89854. Between the levels, the technical bias is more neutral. A break of either extreme should tilt the bias more in the direction of the break. The price closed at 0.8973 yesterday. With the price currently at 0.8977, the pair is still modestly higher on the day, but is well off it's high price of 0.9023.
USDCAD: The USDCAD as moved back below its 100 and 200 hour moving averages in the North American session (at 1.2067). THe current price is trading at 1.2043 and trades in a swing area between 1.20407 and 1.20461. A move below that swing area would have traders targeting swing lows going back to May 21 and May 25 between 1.20269 and 1.20296. A move below that swing area and the low from yesterday at 1.2006- which is also the lowest low since May 2015 – would be eyed. PS the high today was close to the high from Monday. The previous high from Friday was lower than the high from Friday. So there is a downward bias in the ups and downs in the pair.
AUDUSD: The AUDUSD is no different than many other currency pairs today in trading above and below the 100 and 200 hour MAs. Coming into the North American session, the price had moved back below the moving averages with the 200 hour MA at 0.7742 and the 100 hour MA at 0.7736. The price also moved below the 100 day MA at 0.77252. However, as dollar buying turned to dollar selling in the North American session, the price rebounded higher and is currently training back above the moving averages (over the last 5 hourly bars). If the price can now stay above the 200 hour moving average at 0.7742, the buyers would remain more control. A move below that level and then the 100 hour MA at 0.7736, would tilt the bias back to the downside.
NZDUSD: The NZDUSD fell into the North American open but found support buyers near the swing lows from May 25 and May 28 (see red numbered circles on chart below) between 0.7209 and 0.72118. The price rose in the NY session and made it up to the 200 hour MA at 0.72475. The high price reached 0.72488 – just above that MA level. The price has settled between and around the 50% midpoint of the move up from the May 19 low. That comes in at 0.72317. The current price is at 0.72368. In the new day a move below the 50% will tilt the bias more to the downside with a break below 0.7209-118 area as the next downside target to get to and through. On the topside, a move above the 200 hour MA at 0.72475, and the 100 hour MA above that at 0.7258, would tilt the bias more to the bullish side.