The US is observing a national day of mourning as former Pres. Jimmy Carter’s layed to rest.
The New York Stock Exchange and the NASDAQ Exchange will be close but the futures are open as is the US bond market. In US futures trading, the S&P futures are impying a move down -5 points. The Dow industrial average is down around -24 points and the NASDAQ index is down around -20 points.
In the US debt market, yields are lower: 4.264%, -2.7 basis points
- 2 year 4.264%, -2.7 basis points
- 5-year 4.433%, -3.4 basis points
- 10 year 4.656%, -3.6 basis points
- 30 year 4.888%, -4.3 basis points.
Looking at the forex market, the three major currency pairs are mixed:
- EURUSD: In the EURUSD the price action is up and down with the price mostly lower at the moment. If I were to look at the two key levels on the top and downside, the .02718 is a key support. That level was a swing low going back to last Friday before moving higher and was the low price yesterday. It also represents a low of a swing area on the daily chart going back to 2022. On the topside, the 100 hour moving average of 1.0310 is a key upside target. That moving average sits between a swing area between 1.0332 and 1.0343.
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The USDJPY pair reached its highest level since July, peaking at 158.544 yesterday but falling short of the key daily chart resistance level at 158.86. Today, during the Asian session, the price tested the 100-hour moving average (blue line), briefly bounced higher, but eventually fell below it. The pair is now approaching the 200-hour moving average at 157.55. A sustained break below this level would signal a short-term bearish tilt. Notably, the price previously rebounded off this moving average, demonstrating recent buyer support. If the 200-hour moving average breaks, the next target would be the 100-bar moving average on the 4-hour chart at 156.708.
On the upside, if buyers regain control, reclaiming 158.09, 158.40, and yesterday’s high of 158.54 would refocus attention on the key resistance level at 158.86.
- GBPUSD, The GBPUSD has been on a 3-day tumble that took the price from 1.25747 to 1.2236. IN the fall today, the price moved below the 38.2% of the range since the September 2022 low. That level comes in at 1.22524 and will be a key barometer today and going forward. If broken – and stay broken – the sellers can continue to push lower. If the price cannot get below that level, probing to the upside can be expected with the low from yesterday at 1.2320 and the low from last week at 1.23515 as a next upside target’s.
This article was written by Greg Michalowski at www.forexlive.com. Source