Key facts
- USD is trading lower against EUR, JPY, and GBP.
- EURUSD has moved back above its 100- and 200-hour moving averages.
- USDJPY briefly fell below its 100-hour moving average but recovered.
- GBPUSD has moved back above its 100- and 200-hour moving averages.
- GBPUSD sellers failed to sustain a break below the 200-day moving average at 1.3420.
The US Dollar is trading lower against the Euro, Japanese Yen, and British Pound as the North American trading session begins. The EURUSD has recovered above its converged 100- and 200-hour moving averages at 1.3420, reaching a session high of 1.1645. Buyers hold a technical edge above these levels and the 50% midpoint, especially after sellers failed to break a longer-term trendline support near 1.1595. The next upside targets for EURUSD are between 1.1655 and 1.1667, with the 200-day moving average at 1.1681 and the 100-day moving average at 1.16965 as further resistance. In USDJPY, comments from Bank of Japan Governor Ueda suggesting a potential rate hike caused an initial dip from the 160.00 area. Despite briefly trading below the rising 100-hour moving average at 159.699, buyers re-emerged, pushing the pair back towards 160.00. The round number remains a key focus due to intervention concerns, but buyers control the technicals as long as the price stays above the 100-hour and 200-hour moving averages at 159.470. The GBPUSD has also seen a recovery, moving back above its converged 100- and 200-hour moving averages near 1.3450. This rebound occurred after sellers failed to sustain a break below the 200-day moving average at 1.34202. Over the past seven days, GBPUSD has spent six days below this key daily level but has consistently rebounded, indicating a lack of sustained downside momentum. The next resistance for GBPUSD is the area between the 100-day moving average at 1.34757 and the 50% retracement level at 1.34803.