The retail sales came and weaker than expectations, and that weakened the US dollar a little. Yields are lower, stocks in premarket trading are little changed (but they aren’t necessarily enamored with the idea of lower growth/lower inflation hope. Having said that, markets are treading water (now) including the US dollar.
In this video take a look at the EURUSD, USDJPY and GBPUSD from a technical perspective to kickstart the US a trading day:
- EURUSD: The EURUSD is trading within a swing area between 1.0720 and 1.0735. The price needs to extend outside of that range one way the other with momentum.
- USDJPY: The USDJPY tested the high price from last week near 158.248 and found willing sellers leaning against that level, the price has moved lower after the retail sales but stalled near the closing level from yesterday. There is a swing area between 157.40 and 157.46. Below that the rising 100-day moving average at 157.30 would be targeted. Yesterday the price founts for players against them moving average level at session lows.
- GBPUSD: The GBPUSD is also trading near a key swing area between 1.26748 and 1.26858. That area will be the barometer for buyers and sellers. Admittedly the last three days, has seen the price of trade above and below that level with limited momentum in either direction as the market tries to figure out which way it wants to go after the declines seen at the end of last week’s training.
This article was written by Greg Michalowski at www.forexlive.com.
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