Dollar selling does not last long

The USD selling did not last long.

EURUSD: EURUSD moved up to and through the next target at 1.0649, but not by much, the price has since rotated back down toward the 1.0600 level. The current price is trading at 1.0605. Break back below 1.0600 (low from August and old low for the year) and stay below will have traders looking toward the lows from today at 1.0592. The price moves to stay below 1.0600 to scare the buyers and empower the sellers.

GBPUSD: The GBPUSD is trading to new session lows, and in the process is back below the 61.8% retracement at 1.27322. Stay below that level gives the sellers more control with the next target between 1.2665 and 1.2685.

USDCAD: The USDCAD extended above the high from yesterday at 1.2966 and will moved also above the 2022 high price at 1.2977. The price is trading at the highest level going back to 2020. Staying above 1.3966 now (and more conservatively 1.2945 the 2024 old high) and the buyers are in control.

AUDUSD: The AUDUSD is trading to a new session low and in the process is testing the low of a swing area between 0.6506 and 0.65112. Get below that level should open the door for more downside probing.

This article was written by Greg Michalowski at www.forexlive.com.