- The USD is stronger today with the EURUSD and GBPUSD moving lower (higher USD in the process). Both moved lower after testing resistance targets and stalling. They also moved below target support, turning buyers to sellers.
- The USDJPY is waffling between MA support and resistance.
- The USDCAD is trying to move higher after weaker than expected CPI data this morning.
When trading, it is important to have a firm grip on what technical levels are in play and why, and then being able to react to the nuances of the price action in relation to those levels. If the 50% retracement is a target and seller line up against that level, traders have the opportunity to lean against it too with limited risk and “hope” for a move in the opposite direction.
With that in mind, for a look at EURUSD , GBPUSD , USDJPY and USDCAD and what is driving them technically, take a look at the above video.
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This article was originally published by Forexlive.com. Read the original article here.