Powell testimony pushes the dollar lower 

As the press conference progresses, the USD has moved to the downside.

The greenback moved to new lows vs the EUR, GBP, CHF, CAD AUD, and toward lows vs the NZD. The USD remains higher vs the JPY stocks move higher.  

Powell testimony pushes the dollar lower 

The CAD is the strongest of the majors. The JPY is the weakest followed by the US dollar. 

EURUSD: For the EURUSD, the last hour has seen the price rotate down to the low price from yesterday at 1.17708 and just now taking out the high from yesterday at 1.18405. The high price reached 1.18425. Traders will be watching the 1.1830 level as close support now. That was the swing high going back to July 22 and also a swing high from earlier in the trading day. 

GBPUSD: For the GBPUSD the there has moved up to test the high price from July at 1.39094.  A move above that will have traders looking toward the 100 day moving average at 1.39202.  That will be a key target on the topside if the buyers are to take more control.  Close risk now comes at the earlier high for the day and high from yesterday near 1.3894.  The price is currently trading at 1.3908.

USDCHF.  The USDCHF move to a new low for the month of July. The prior low was at 0.9116. The price currently trades at 0.91067. The pair is trading at its lowest level since June 17. The 100 day moving average comes in at 0.90735. That is the next major target on the downside if the price now can stay below 0.91166 (a more conservative stop would be a move back above the 0.9133 level now).

USDCAD: The USDCAD take below the 1.25248 swing low going back to July 21. There were other lows near that level on July 22 and July 26. The low price just reached 1.25221. The current price is just above that level.  Although the low was broken, there so far has not been downside momentum through that level.  However, the price bounces still rather modest (currently at 1.25288).  Nevertheless getting below 1.25248 is needed to increase the bearish bias….soon. 

In other markets:

  • Dow is down around -30 points
  • S&P index is up 10.08 points or 0.23% at 4411.39
  • NASDAQ index is up 110 points or 0.75% at 14,771.
  • 10 year yield is at 1.268%
  • The price of WTI crude oil futures is up $0.43 or 0.60% at $72.31

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