The EUR is ending the day as the strongest of the majors. The gains for the EUR were strongest vs the AUD and the NZD (they were the weakest of the majors) with both the EURAUD and the EURNZD each rising by about 1% on the day.
The strongest to the weakest of the major currencies
The EURUSD saw a gain of 0.60% to 1.1039 (closed at 1.0974), but that price was off the intraday high that peaked at 1.1095. That high took the pair to the highest level going back to March 2022, but momentum could not be sustained. The good news is the price is higher and above the 100 and 200 hour MAs (they closed below those MAs yesterday), but the not so good news is the 2023 highs did not last very long. The 100 hour MA is currently at 1.1001 (other support is around that area – see red numbered circles on chart below).
EURUSD failed on the break higher
The GBPUSD price action mirrored that of the EURUSD with a sharp gain above the 100/200 hour MAs at 1.2442 and 1.2429 respectively. It did not make a new 2023 high – it reached the highest level since April 14 to 1.25148 – but rotated back towar the 100 hour MA. The low reached to 1.24529. In the new day, the 100 hour MA will be key at 1.2442.
The USDJPY had a volatile up and down day. The move lower moved to a low of 132.299. That was just short of the 100 day MA at 132.95. The selling dried up ahead of the level and the pair nearly reversed the full move lower. The corrective high reached 133.856 which was just short of the high for the day at 133.93. The price also stayed below the falling 100 hour MA at 133.99. That MA will be a key barometer going forward. Stay below keeps the sellers in more control.
The USDCHF today, moved to a new low going back to January 2021, and in the process fell below the April double bottom at 0.8859. However, like the EURUSD which traded to a new year low, the break failed and the price snapped back higher. Looking at the hourly chart below, the price moved back above the 100 hour MA at 0.8907 and that MA is trying to hold support. On the topside, the 100 hour MA at 0.89357 is the next upside target that if the buyers are to take more control, would need to be broken in the new trading day.
USDCHF falls to a new multi year low but now for long
In other markets today:
- Gold is trading down $8 or -0.40% at $1988.46
- silver is trading down -$0.15 or -0.61% at $24.84
- WTI crude oil futures fill the gap from the OPEC+ production cuts at $75.70 and traded to a low of $74.05. The current price is trading at $74.35 that’s down $-2.72 on the day
- Bitcoin took a tumble to the downside in afternoon trading. The price moved from a high of $30,022 to a low of $27,242. The last 2 hours moved from a high of $29,730.
Bitcoin tumbles lower
In the US stock market, the major indices are closing mixed with the Dow and S&P lower, while the Nasdaq is higher (helped by Microsoft and Nvidia which both rose nicely. After the close of Meta reported better earnings and their shares are up 11%.
The final numbers are showing:
- Dow Industrial Average fell minus 228.96.4 -0.68% at 33301.88
- S&P index fell 15.62 points or -0.3% at 4056.00
- NASDAQ index rose 55.18 points or 0.47% at 11854.34
In the US that market yields were up and down in trading today but closing higher:
- 2 year yield 3.948% +5.3 basis points
- 5 year yield 3.499% +5.5 basis points
- 10 year yield 3.450% +5.2 basis points
- 30 year 3.704% +5.3 basis points
Thanks for your support. Good fortune with your trading