Intraday Update: The EURUSD as noted earlier, is trading at 1.0200 and slightly below now, but this is a long term 61.8% Fibonacci level of the Sept 2022 lows to July 2023 highs. Intraday, only back above the 1.0230 would take the downside pressure off. Also, over 3bn options are expiring today at the 1.0200 level.
Intraday Update: The EURGBP has stalled at the 38% retracement of the Aug highs to Dec lows. Also, the 161% ext of the last move lower has held as resistance after coming out of the descending wedge. While below the .8400 level we'd expect dips to be bought back at the .8325 level.
US Dollar index hit the long term 61.8% retracement at 108.95. This could be the wave 5 completion, which may be a big resistance for the US Dollar to start the year.
Intraday Update: The USDMXN is at 20.61, which is the underside of the broken channel trend line. This should offer resistance as the pair is up over 1.4% today.
Intraday Update: EURUSD is at the 38% retracement, and has also broken the descending trend line. A break of the 1.0455 level would put the 1.0525 level in play.
Intraday Update: The EURUSD is testing the 1.0450 level resistance , which is near the 38% retracement and also a descending trend line. If end of year flows start to pick up with US dollar selling, the EURUSD could reach above 1.0500 in the days ahead.
Intraday Update: The EURGBP is nearing wedge resistance and also the 50dma which should be very strong resistance near the .8315 level.
Intraday Update: The SPX breakdown should target an equal leg move towards the 5700 level, especially given that the bounce was a shallow 38% retrace this week at 5948.
Intraday Update: The USDJPY continued to break higher following the BOJ press conference as the BOJ dovishness (and FOMC "hawkish cut") has caused an upside breakout. Above the 157.37 would put the 159.12 127% extension in view.
Intraday Update: The DXY pushed to recent highs at 107.20 and bias chart resistance ahead of the FOMC. Today, this will be a key breakout point for the US Dollar post FOMC.
Intraday Update: Ahead of the FOMC the EURUSD is trying to break the triangle consolidation to the downside, next support at 1.0450.
Intraday Update: The GBPNZD came very close to reaching the 127% extension of the July highs to August lows at 2.2214, intraday RSI's are overbought which is a risk for bulls near term. Bull flag is still in tact while above 2.1850.
Intraday Update: The UK strong employment data is allowing for a move higher in the GBPUSD today, and the 1.2712 is the 50% retracement, also previous support at 1.2713 on Dec 11th. A break of this level could accelerate a short squeeze higher.
Intraday Update: The USDJPY is finding support at the ascending wedge support, but a break of the 153.60 level would be a near term bearish event.
Intraday Update: Following the US Data, the USDCAD almost hit the 161% extension of the Aug highs to Sept lows at 1.4281 as the intraday RSI continues to divergent. A quick 30 pip reversal is a risk for bulls back to the 1.4200 level.
Intraday Update: The USDJPY has bounced back to the 38% retracement of the Nov 14th high to Dec 3rd low. The 152.00 level has been a massive pivot since Oct 2022, so the 151.80 level (38%) may offer strong resistance (or just above) today.
Intraday Update: AUDUSD has had a MASSIVE response from the 2022 trend line (thanks to overnight China comments) which suggests that the sub .6400 level is critical into year end.
Intraday Update: Following the NFP and Canadian jobs report, the USDCAD is at the 78% retracement. The unemployment rate in Canada has sent the CAD reeling lower and could test the 141.80/1.4200 level if the US Dollar continues to recover today.