Dollar extends gains. Data continue to boost the greenback.

String of good data pushes the dollar higher

The University of Michigan consumer sentiment joined the JOLTS,Industrial production and capacity utilization on the “better than expected” side of the equation today.  Yields are higher with the 10 and 30 year yield up about 2.0 basis points.  

 The dollar is going higher too.

The USDJPY is still down on the day, but much of the decline from earlier today has been erased.   Looking at the 5 minute chart above, the price has retraced 61.8% of the move down from yesterday’s late afternoon high at 106.10. The 106.288-326 is home to the close from yesterday, the 100 and 200 hour MAs.  Do we complete the down and up lap in that pair?

The EURUSD broke away from the 50% retracement at 1.2300 and has moved down toward the US employment low from a week ago at 1.22723. The 61.8% of the move up from the March 1 low comes in at 1.2265.  The break away from the 50% is now risk for shorts. That level stalled the fall yesterday and did a good job stalling the fall in the Asian trading (the low reached 1.2294 before rebounding).  Today, the better data could not stall the fall.  

The GBPUSD has been trading up and down over the last 3+ days and is still up on the week. However, the price high today did stall near a topside trend line, and the price is now lower on the day – erasing the earlier gains.  The 38.2% of the move up from the March 8 low stalled the fall in the Asian session (at 1.39124).  That is the next target to get below if the bears are to take more control.