The better-than-expected ADP employment report as pushed the US dollar higher. That rise is being led by the USDJPY which is pushing against the 2022, 2023, and 2024 high prices between 151.91 and 151.967. The high price today has reached 151.905 so far. Breaking above those levels would take the price to the highest level since 1990 (33 years) and would open the door for more upside momentum.
For the EURUSD, it had been moving higher after breaking above its 100-hour moving average at 1.0771. The price has since rotated back down toward that moving average level, and it will remain as a key barometer for bullish above, bearish below in the short-term.
For the GBPUSD, the price worked higher in European morning trading, moving back toward the 200 day moving average at 1.2586, and the low of the value area that has confined the pair mostly from December. That low of swing area comes at 1.2594. It would take a move about both to increase the bullish bias for the GBPUSD today and going forward.
Find out all about it, by watching the above video and getting yourself squared away with the technicals that are driving the major currency pairs.
This article was written by Greg Michalowski at www.forexlive.com. Source