The USD is moving up and down as Trump addresses the Davos World Economic Forum. Trump spoke of bringing the price of oil down. He spoke about interest rates coming down. That seemed to help to weaken the dollar. IN the US debt market, the yield curve steepened with the 2 year lower by -1.2 bps and the 10 year up 4.5 bps.
EURUSD: THe EURUSD moved lower to test the 100 hour MA at 1.0378 to a low of 1.03715. The prices bounced to a new high at 1.0428. The price is remaining near the highs at 1.0423. The next upside targets come in at 1.0436 and then the swing area between 1.0448 to 1.04611. The 61.8% comes in at 1.04563.
USDJPY: THe USDJPY has moved lower and tests an old floor and the 100 hour MA. THat area comes between 155.94 to 156.219. The 100 hour MA is at 155.97. Get and stay below that level will be more bearish.
GBPUSD: The GBPUSD is above the 100 bar MA on the 4-hour chart now and is stretching toward the 38.2% of the move down from the December high at 1.23689. In trading yesterday, the price failed on the test/break, and the price moved lower. Can the price get back above that area.
Looking at the stocks:
- Dow is up 255 points or 0.58%
- S&P is up 6.14 points or 0.11% at 6092 and is above the high close at 6090.287
- Nasdaq is down -64 points or -0.33% as it lags the other indices
The small cap Russell