Stronger data sends the US dollar higher. What next technically?

The stronger US data with ISM nonmanufacturing PMI rising to 54.1 from 52.1. The price paid index increase to 64.4 from 58.2. Ouch.

The JOLTS job openings increasing to 8.098 million versus 7.700 million estimate, has yields moving higher, stocks moving lower and the US dollar moving higher.

Two year yield is at 4.30% up 2.9 basis points, and the 10 year yield is trading at 4.676%, up 6.1 basis points.

Looking at the US stocks a snapshot of the broader S&P and NASDAQ indices shows:

• S&P index -0.75%
• NASDAQ index -1.50%

Nvidia shares are now down -5.6% at $141.35 after trading as high as $153.13.

• EURUSD: The EURUSD has moved back below its broken 38.2% retracement at 1.0378, and the sideways 200 hour moving average (green line) at 1.03744. The low price reached 1.03581. On the downside, a swing area between 1.0332 and 1.0343 is joined by the 100 hour moving average of 1.03387. That area is the next key target on the downside on further selling. Close resistance up at 1.0378 to 1.0383 that keeps a sellers firmly in control (yellow area on the chart below).

• USDJPY. The USDJPY moved up to test the high from earlier today at 158.407. There has been some stalled against that level as sellers lean. It broken out expected sellers to turn the buyers. The next target comes in at 158.86. Earlier today, the price bottom near the converged 100 and 200 hour moving averages (at 157.80 area). Buyers leaned against that level and were helped by the better than expected data.

• GBPUSD: The GBPUSD has moved lower and with the declines, has seen the 38.2% at 1.25269 and more recently the 200 hour moving average at 1.25074. The 200-hour moving average is now close resistance. Stay below keeps the sellers more in control. On the downside, there is a key swing area defined by lows from November and December between 1.24739 and 1.2487. The 100-hour moving average comes in at 1.2469 and represents another key target that would need to be broken to increase the bearish bias. Last week, the price fell below that swing area and did not bottom until 1.23515. The rebound that so the corrective high price today reached 1.2574, briefly moved above the falling 100 bar moving average on the four hour chart (currently at 1.2566), but quickly reversed back to the downside.

Bitcoin is tumbling and back below the $100,000 level currently trading at $97,362. That’s down close to $5000 or -5% on the day.

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