The USD is mostly higher but little changed to start the new trading day. ADP (+117K est)
The U.S. dollar is mostly higher but little changed overall as traders continue to navigate a slow and choppy session. In the video above, I break down the technical picture for the three major currency pairs — EURUSD, USDJPY, and GBPUSD. While none of the pairs are making large moves, each is trading around key technical levels that could determine the next directional push.
The EURUSD has spent much of the day trading below its 100-hour and 200-hour moving averages at 1.1633 and 1.1639, respectively. Earlier attempts to rally stalled near a swing area that has acted as resistance, keeping sellers in control. That failure gave sellers the green light to push lower, with the pair extending below Monday’s low to 1.1606. The next key support zone comes in between 1.1576 and 1.1586. As long as the price remains below the converged hourly moving averages, the bias remains tilted to the downside.
The USDJPY once again tested the psychologically important 160.00 level, which many traders continue to view as a potential intervention ceiling for Japanese authorities. The high reached 159.99 before sellers stepped in, pushing the pair below the 100-hour moving average at 159.55. However, downside momentum stalled ahead of the 200-hour moving average at 159.36, and the pair has since rebounded back toward the swing area between 159.70 and 160.00. A sustained break above 160.00 could trigger additional buying and stop-loss orders, but traders remain wary of intervention risk, which continues to limit upside enthusiasm.
The GBPUSD briefly moved above its 100-day moving average at 1.3476, but buyers could not extend the move beyond the 50% retracement level at 1.3480. That failure encouraged sellers to re-enter, pushing the pair lower toward a cluster of support formed by the converged 100-hour and 200-hour moving averages near 1.3451. The pair has since moved back and forth around that support zone as momentum fades. On the topside, the 100-day moving average and the 50% retracement remain key resistance targets. On the downside, a break below the 200-day moving average at 1.3420 would strengthen the bearish case.
Looking ahead, traders will be watching the ADP employment report, which is expected to show a gain of 117K jobs in May versus 109K in April, as well as comments from Fed Governor Barr and Dallas Fed President Logan for further clues on the interest rate outlook.
This article was written by Greg Michalowski at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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