Analysis

The USD is increased however off the highs

NZDUSD is the most important gainer as we speak

The USD is increased as we speak, however is buying and selling off it is highest ranges of the day.  The buck is the best vs the NZD (+zero.95%), the AUD (+zero.64%) and the CAD (+zero.58%).   It’s up the least vs the JPY as we speak at zero.22%.

On the excessive as we speak, the greenback index traded on the highest stage since December 21 – simply above the excessive from December 22.  

Trying on the hourly chart of the US greenback index, the index primarily based on Friday proper on the 100 hour MA (blue line).  That helped to push the index increased. Immediately, that momentum increased continued.

NZDUSD is the biggest gainer today

Having stated that, the rise off the January 6 low at 89.209 remains to be modest. The index reached the bottom stage since April 2018 on the lows.  The 100 day MA is up at 92.319 (blue line within the chart above). The 38.2% of the transfer down from the March 2020 excessive is up at 94.469.   In different phrases, the rebound remains to be very modest for the buck. 

However, there are some basic causes which will give merchants some causes to stay a toe within the water for the USD.  Adam outlined 6 causes over the weekend in his submit “Six new causes for a US greenback rally”.  He makes some good factors within the article.   It’s a should learn. 

Drilling to the hourly chart beneath, the excellent news for the bulls/dip patrons is that the index value primarily based on the 100 hour MA (blue line on the chart beneath) on Friday, and broke increased and away from that MA and the 200 hour MA as nicely (each are at 89.83 at the moment). 

If the worth can keep above every of these MAs going ahead (they’re beginning to transfer increased too), the upside has extra room to roam.  The excessive from December 21 at 91.08 and the 38.2% of the transfer down from the November four excessive is available in at 91.155. These are the following targets (and minimal targets to get to and thru) if the patrons are to take extra management. 

USD is the strongest

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