Majors on Wednesday: USD Pushing Higher and Weighing on the Majors
Rowan Crosby • 1 min read
The USD has continued to fight it’s way higher. Despite all the news around suggesting the Greenback is in line for some upside, that hasn’t been happening at a fast rate. In reality, it is just a slow grind higher.
The melt-up is still putting pressure on the majors. The EUR/USD has been feeling it and has continued to fall away, which is nice if you are following our forex signals. We also saw the Swissy, CAD and Yen make up some ground thanks to a stronger USD.
Stocks, on the other hand, have started to get a bit wobbly. It has been a strange environment for stocks. The run-up has also come with an increase in volatility, thanks in part to headlines around Trump. Yesterday we finally got some weakness in stocks but the question is really just how long will it last?
AUD/USD – The AUD jumped on a bullish RBA, but came falling back down to earth after testing our predicted 0.7640 level.
EUR/USD – The Euro fell which helped our sell signal.
USD/JPY – The Yen is trading higher at a slow pace.
NZD/USD – The Kiwi got dragged along with the AUD but is still a sell for me.
USD/CAD -The CAD has bounced off support, however, it will be interesting to see if we can hold longer term.
USD/CHF – The Swissy is still rebounding from Friday’s massive sell-off.
GBP/USD – The pound is starting to look wobbly and a bit bearish at these levels.
US Dollar Index (DXY) – The USD is grinding higher and I think that will continue this week.