Technical Analysis

Steady as she goes. US dollar higher but off the highs as technical levels hold

<p>The USD remains higher but off the highest levels and holding steady.</p><ul><li>EURUSD: The EURUSD moved lower and below the November high price is near 1.0480 and 1.0496. The low price reached 1.04277 soon after the jobs report. The bounce back extended to 1.04903 – between the aforementioned swing area. The current price is trading at 1.0470. Stay below the the lower highs keeps the sellers in play in the short term. Stay above the hourly moving averages below keeps the buyers in play. There is a battle going on between the risk/bias defining levels.</li></ul><ul><li>USDJPY: The USDJPY back above the 100 day moving average, and tested the 38.2% retracement of the move down from the Wednesday high to the low price today. That retracement level comes in at 136.00. The high price reached 135.977 before rotating back to the downside. The current price is trading at 135.49. Close support comes in at 134.83. That is the 200 hour moving average on the five minute chart (not shown). Below that and the 200 day moving average at 134.511 will be targeted. On the topside getting above 135.81 followed by the 38.2% retracement 136.00 would have traders looking toward 136.75 and the falling 100 hour moving average at 137.347 currently. It is disappointing that the 38.2% retracement could not be broken. </li></ul><ul><li>GBPUSD: The GBPUSD moved lower on the back of the US jobs report, and in the process dipped briefly below the 38.2% retracement of the week's trading range and the 200 day moving average near the 1.2152 level. However momentum could not be sustained and the price snapped back higher moving back up to what was a floor during yesterday and the Asian session today at 1.21213. The price is back up testing that old floor (now ceiling). A move above would increase the short term bullish bias.</li></ul>

This article was written by Greg Michalowski at

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