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Dollar heads lower on Powell comments. Stocks soar.


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“Rates just below neutral range”

The USD is moving lower and the stocks are moving higher after Feds Powell says that rates are just below the neutral range.

For the EURUSD, the pair has moved up to test its 100 hour MA at 1.1337. That level is being tested as I type. A move above will look toward the 200 hour MA at 1.1371. The 50% retracement is also near the 200 hour MA which makes it a stronger resistance level. 
For the USDJPY the price broke below a lower trend line and is moving toward the 100 hour MA and the 50% retracement at 113.35 area now.  That will be a key barometer now for the bulls and the bears.

For the GBPUSD, the pair has moved up to test a key cluster of resistance at the 1.2800 to 1.2817 area (MAs and trend line converged). With the Brexit concerns still an issue, this area could be a tougher technical nut to crack.

AUDUSD, USDCAD and NZDUSD are also running.
For the stock market, 

  • S&P indexes up 39 points or 1.46% to 71
  • NASDAQ composite index is up 117 points or 1.66% at 7200
  • Dow is up 465 points or 1.89% at 25215

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