The strongest currency this week is the JPY. The weakest is the CAD.

Technical Analysis

The USD is mostly lower

As the trading week moves closer to the close, a snapshot of the strongest and weakest for the week is more in focus.  For the week, the JPY is the strongest, while the CAD is the weakest. 


For the USD, the greenback is mostly lower with the sharpest decline being a near 1% fall in the USDJPY. The dollar is also lower versus the EUR (-0.40%), the NZD (-0.38%), the GBP (-0.32%) and the AUD (-0.13%). It rose the most vs the CAD (+0.59%) and the CHF (+0.41%).

The biggest moving currency pair was the CADJPY which declined -1.53%.

Looking at that chart, below of that pair, technically you cannot deny the bearish shift.  

  1. The high price on Tuesday stallled at the high from last week (at 81.82). Double top.  Bears leaned.
  2. On Wednesday, the momentum lower really got going on the break of the 100 hour MA (top blue line) and then the cluster of levels defined by the 100 day MA, 200 hour MA (green line) and trend line.   Falling below those levels opened the bearish door and the price scooted lower.

ON Thursday, the fall stalled early in the session near the 50% retracement level at 80.284. After a brief rally, that level was broken and moved to a lower trend line and near the 61.8% retracement at 79.859 level (the low reached 79.81).  

Today, the price has moved higher and lower. It is currently back below the 50% midpiont at 80.284.   Stay below the 50% keeps the tilt to the downside. 

CADJPY is consolidating between the 50% and 61.8% retracement on the hourly chart

Taking a broader look at the daily chart, the swing low from June 1 2019 at 79.969 was broken on Thursday but not today (the low was 79.99 today).  So that level – in addition to the 61.8% as 79.859 – will be eyed as downside targets that would need to be broken again.  PS it may also be support/risk defining level for dip buyers/profit takers.

The 79.859 to 79.968 are lower targets.


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