Not much movement. Waiting for Powell.

EURUSD: The EUSUSD remains above its 50% midpoint of the July trading range. That level comes in at 1.10539. The New York (and London session) held that midpoint level. The Asian session mostly traded below the midpoint level. On the top side, the falling 100-hour moving average comes in at 1.10895. Moving above it would tilt the bias modestly to the upside with the broken 38.2% retracement at 1.1106 as the next target.

USDJPY: The USDJPY remains above its 200-hour moving average below at 140.019 and also above its 38.2% retracement of the July trading range at 140.224. The current price trades at 140.46. On the topside, the 100-hour moving average at 141.048 remains a level that would need to be broken if the buyers are to take more control.

GBPUSD: The GBPUSD trades at 1.2910. The high price after the Fed decision moved up to 1.29311. That is where the 38.2% retracement of the trading range since the June 29 low is located. Just above that level at 129.438 is the falling 200-hour moving average. If the price is to tilt the bias more to the upside, getting above the 200-hour moving average is required. On the downside, the low price after the hike reached 1.28947. On the downside the rising 100-hour moving average and the 50% midpoint of the range since June 29 comes in near 1.2866. It would take a move below that level to increase the bearish bias going forward.

In the US stock market:

  • Dow is up 41 points or 0.11% at 35478.25
  • S&P index is down -10 points or -0.32% at 4457.51
  • NASDAQ is down 57 points or -0.40% at 14088.94

in the US debt market:

  • 2-year yield 4.918%, +2.5 basis points
  • 5-year yield 4.166% -0.6 basis points
  • 10-year yield 3.902%, -1.0 basis points
  • 30-year yield 3.946% -0.7 basis points

This article was written by Greg Michalowski at Source