The USD is lower to kickstart the new trading day. US stocks are lower. Yields are lower as well.
EURUSD: Last week, the EURUSD fell below key daily support between 1.1271 and 1.12754, but the April 15 low at 1.12657 provided a firm floor, preventing further downside. The pair rebounded, and Friday's price action confirmed support held. In today’s trading, we've seen a continuation of that bounce, with the pair moving higher from Friday’s close toward the 100-hour moving average at 1.1336 and the 200-hour moving average at 1.13515. A break above these levels would tilt the bias more bullishly, while holding below keeps sellers in control.
USDJPY: On Friday, USDJPY moved higher to test the 200-bar moving average on the 4-hour chart, where momentum stalled. The pair then rotated lower but recovered into the midpoint of the day’s trading range by the weekly close. In today's session, the downside rotation has resumed, and the pair is now testing its rising 100-hour moving average at 143.83. This level is the key short-term barometer. A move below would be more bearish and shift focus to the 200-hour moving average at 143.37. Holding above, however, keeps buyers in play with potential for a move back toward the 144.50 area.
The GBPUSD is trading near the high for the day with the 100/200 hour MAs being tested at 1.33249. The price is testing that level to start the US session for the week. Move above would be a more bullish tilt after holding those MAs on Thursday and Friday.
Dow industial average -275 points. On Friday the index rose 564.47 pointsS&P index -48 points. Last Friday the index rose 82.53 pointsNASDAQ index -212 points. Last Friday the index rose 266.99 points
in the US debt market:
2 year yield 3.795%, -4.5 basis points5 year yield 3.895%, -3.6 basis points10 year yield 4.306% -1.4 basis points30 year yield 4.802%, +0.7 basis points This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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