There is a lot of fundamental news to digest in trading today. The initial jobs claims in continuing claims showed weakness in employment, but the USD moved higher despite that weakness. OPEC+ is threatening to cut production by more than expectations which has oil prices up about $1, but still off their highs for the day near $79.60.
It is month-end as well which may influence after a month of US dollar selling. The EURUSD, GBPUSD and USDJPY all reached dollar lows during yesterday’s trade. Today, there is corrective dollar buying and that is helping to push the price through some technical levels in the process.
In this video I take a look at the EURUSD, USDJPY and GBPUSD and discuss the short-term bias shifts more in favor of the US dollar and the risk levels in play if that bias is to continue. I also look at the targets for each of the currency pairs given the technicals in play.
This article was written by Greg Michalowski at www.forexlive.com. Source