The dollar is at the lows
The US dollar selling is intensifying across the board with each of the major currencies trading at extremes.
The GBPUSD is trading 143 pips higher and leading the way. If you look at the % changes, the GBP was the biggest mover on the topside, but the USD has taken off (the cumulative declines for the USD was only at around -1.17% at the start of the US stock market trading today.
Some specifics:
- USDCAD: The USDCAD is moving below the converged 100 and 200 hour MA at 1.2723 area and trading at new session lows
- GBPSUSD: The GBPUSD is trading at new session highs and looks to test the high from January 6 at 1.36703
- EURUSD: THe EURUSD is also trading at new session highs and looks toward the 38.2% of the move down from the January 6th high at 1.22144.
- USDJPY: The USDJPY is cracking below the 100 hour MA at 103.868 and looks next toward the 38.2% at 103.702. The low from Friday comes in at 103.598 and is another target on the downside.
