US dollar breaking lower
The USD is breaking to the downside and is trading at extremes vs. all the major currencies. The moved to the upside has also helped gold which is trading up around $25 or 1.32% at $1919.
EURUSD: The EURUSD as traded above its 50% retracement of the move down from the September 1 high at 1.1811. Early today it crossed its 200 bar moving average on the 4 hour chart at 1.1793 area. Stay above that 200 bar moving average and the buyers remain in control.
GBPUSD: The GBPUSD has traded to a new session high of 1.29768 in the current hourly bar. In doing so tests the swing high going back to October 1 at 1.29775. A move above the level would have traders looking toward the highs from early this week between 1.2993 and 1.3006.
USDJPY: The USDJPY has just broken below its 100 hour moving average at 105.82 and the swing high going back to September 30 at 105.80. Stay below those levels will keep the bears more in control
USDCAD: The better-than-expected Canadian job data has the pair moved below the 61.8% retracement of the move up from the September 1 low to the September high. That level comes in at 1.31556. The next downside target comes at lows from September 10 and September 16 between 1.3118 and 1.31267. The low price has reached 1.31317 so far.
