December 7, 2022

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GBPUSD, EURUSD, USDCHF, AUDUSD and NZDUSD all trade to new day extremes

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Dollar moving lower.

The USD is trading to new lows versus the GBP, EUR, CHF, AUD and NZD the last few minutes of trading.   

GBPUSD: The GBPUSD has now moved above its 200 day moving average/38.2% of the move down from the July 15 high at 1.3696 and more recently above the 100 hour moving average at 1.37098.  THe next target comes in your the 50% of the same move lower at 1.37346.  For the day, the ranges up to 132 pips versus an average trading range of about 92 pips. The New York session started with a modest range of only 52 pips. The price has been trending from the start.

EURUSD: The EURUSD was trading in an even more modest range of 32 pips at the start of the New York session. After a dip below 1.17632 support (the low from Monday’s trade), the price surged above the 100 hour moving average of 1.17926 on its way toward a test of a topside trendline near 1.1803. That was also near swing highs from yesterday and Monday at 1.18019. The price corrected down toward the 100 hour moving average, before basing and making the next run that has now taken the price above the Dow it’s open trendline and the 1.18019 level.

Dollar moving lower._

USDCHF: The USDCHF rotated down to test its 200 hour moving average at 0.9175 area. The last hour or so has seen the price now crack back below that 200 hour moving average. The pair is currently trading at 0.9170. The next key target comes in at the 100 day moving average at 0.91615.  Move back below the 100 day moving average and the bearish bias increased. 

AUDUSD: The AUDUSD is also trading at a new high and in the process is testing its 100 hour moving average at 0.73621.  The high price just reached 0.73621. A move above that moving average should open up the door for further upside momentum. The price has not traded above its 100 hour moving average since July 15.

NZDUSD: The NZDUSD moved above its 100 hour moving average earlier in the NY session at 0.69557, but stalled near its 200 hour moving average at 0.69737. The price just moved above that moving average level, but is so far seen limited upside momentum on the break.  Close support now comes near the 50% midpoint of the move down from last week’s high to the low reached on Tuesday. That level comes in at 0.6962. 

The USDCAD is sharply lower on the day but remains above its low reached at 1.2525. The pair currently trades at 1.2560.  

The USD has been stronger verse the JPY for most of the trading day. The high price reached the 50% midpoint of the move down from the July high to the July low. That midpoint comes in at 110.357. The high price reached 110.37.  The current price is off that level, but still near the high (at 110.279).  

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