What are driving the major USD currency pairs post US jobs report

2023-06-03

The buyers in the NZDUSD tried to break higher on Friday, moving above a key 200 hour MA on the hourly chart and swing level on the daily chart. However, momentum failed and the price rotated lower. 

Prior to the rally on Thursday and Friday, the price did break below the 50% midpoint of the range since 2021 low on the daily chart opening the door for lower levels.  That break also failed leading the snap back rally higher. 

So for the week, the sellers had their chance, and the buyers had their chance. Both failed.  

As a result, the price is back in a neutral area in the short term and waiting for the next shove. 

Find out the key levels in play that will give traders clues in the new trading week.

2023-06-02

As the market awaits the US jobs report, the EURUSD has positioned itself between key moving averages. On the topside the 100 day moving average and 38.2% retracement of the range since the April high is resistance near 1.0811. On the downside the 200 hour moving average 1.07312 and the 100 hour moving average 1.07151 would need to be broken to increase a bearish bias. The current price trades between the levels at 1.0763. Flip a coin. That is what the market is doing as it waits for the next shove.

2023-06-01

A move – and close – above the 200 hour MA would be the first since May 11.

The AUDUSD is testing at 200 hour moving average of 0.65467. The high price reached 0.6548, and backed off on the first look. The current price is trading at 0.6537. The price of the AUDUSD is not trade/closed above it’s a 200 hour moving average since May 11. A break – and close above – would give buyers more confidence, and tilt the short-term bias in favor of the buyers. On a break above, the high price from Tuesday’s trade reached 0.6558. Above that and traders would start to look toward the 38.2% retracement of the May trading range. That level comes in at 0.65951.

Find out more in this video

2023-05-31

The USDJPY is trading in a fairly narrow up-and-down trading range today. The low to high trading range is 75 pips. The average of the last 22 trading days (around a month of trading), is 117 pips.

Technically looking at the hourly chart below, the price low in the late Asian session approached the rising 200-hour moving average at 139.299 and found willing support buyers. The low price reached 139.307. The USDJPY price had not traded below the 200-hour moving average since May 12.

The subsequent move back to the upside, found willing sellers in the European morning session against its flattening 100-hour moving average currently at 140.07. The high price reached 140.055.

2023-05-25

The AUDUSD is making a break lower in trading today on the daily chart with the price entering the low extreme area from 2022 below 0.65448 to 0.65847.  Stay below 0.65448 keeps the sellers in firm control.

2023-05-23

Join us as we delve into the EURUSD’s current price action and uncover its potential for a downside move. The pair is currently approaching the low from last week, indicating a significant level to watch.

A breakthrough below this level, along with the 1.0750 support level from the daily chart, could pave the way for further downside momentum. Traders will closely monitor whether the pair can sustainably stay below its 100-day moving average at 1.0811, as it would reinforce a more bearish outlook from a longer-term perspective.

Stay tuned for valuable insights and key levels to guide your trading decisions!