There is a lot of fundamental news today with the UK budget, Fed Chair Powell’s testimony on Capitol Hill, and the Bank of Canada interest-rate decision highlighting the calendar of events. All of which has the opportunity to upset the apple cart (i.e the market).
Now, the dollar is mostly lower with the EURUSD breaking above it 38.2% retracement with more momentum at 1.0864. The next targets, at the high from two weeks ago at 1.0887, and the 50% midpoint of the move down from the December high at 1.09165.
The USDJPY is showing some dollar weakness, with the pair breaking below the low of a swing area at 149.70. That is now close risk. The low from last week, and the rising 200-bar moving average on the 4-our chart come in near 149.15. Break below that level and traders look toward the 38.2% retracement of the move-up from the February low. That level comes at 148.966.GBPUSD
The GBPUSD is moving higher (USD lower), and moves more in the upper half of the 1.2594 – 1.2800 up-and-down consolidation range. It also is moving above the 61.8% retracement of the move down from the December high to the February low at 1.2709. That is now close support. Yesterday the 50% of the same move held support near 1.2672 and gave the buyers the go-ahead to push to the upside.