NASDAQ index -2.0%. S&P index -1.84%

The US dollar is rising sharply as stocks slide:

  • EURUSD: The EURUSD the has moved down to a low of 1 point to 060. That is just above the low price from January 18 at 1.20529. The price cracked below its 61.8% retracement 1.21049 and has been freefalling since the stock market open. A move below the January 18 low at 1.20529, would open the door for a move toward the 1.2000 to 1.2010 area.
  • GBPUSD: The GBPUSD as moved away from the 100 hour moving average at 1.3697 and swing area between 1.3700 to 1.3708, and as tumbled to test the next key target at the 200 hour moving average at 1.3659. The low just reached 1.36586 and bounced modestly
  • USDJPY: The USDJPY as moved above the swing hi from January 19 (last weeks high) at 104.089 and moved up to a high price of 104.19.  The 61.8% retracement was also broken at 103.983 (of the move down from the January 11 hi to the January 21 low).  Earlier today, the price based against its 200 hour moving average down near 103.72. That was a a clue for the buyers. The last 4 hours have seen a sharp run to the upside.
  • USDCAD: The USDCAD spiked above the high from yesterday at 1.27818 and above older swing highs between 1.27895 and 1.27983. The price moved up to 1.28219 but has since rotated back down toward the high from yesterday at 1.27818. That level is being tested as I type. A move back below my take some of the pressure off the upside momentum.

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