EURUSD off low. GBPUSD bounces off the low
The USD remains the strongest of the major currency pairs. The NZD remains the weakest. Below is the look at the % changes of the major currencies vs each other. The dollar is stronger vs the early NY levels overall (see early post).
Having said that, there are some pairs that hit limits and are seeing rebounds.Looking at the upper chart below, the EURUSD and GBPUSD are down but off lowest levels. The USDJPY, on the other hand is stronger vs the early NY levels.
For the EURUSD, it traded down to the swing lows from August 23/24th and found dip buyers. The price has moved higher and retests the broken 38.2% at 1.15677.
For the GBPUSD, the 50% stalled the rally in the early NY session twice and then stalled at the earlier low at 1.2810 (and just above the 61.8% at 1.28069). We trade between those support and resistance extremes now and waiting for the push higher or lower. Sellers still remain more in control.
For the USDJPY, the price in the NY session dipped below the 100 and 200 hour MAs and stalled. The rally ran up to the swing levels and has stalled on three hourly bars too. We are off that high swing area now as the buyers buy dips and sell against topside resistance....
