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US dollar moves lower after Fed Chair Powell’s initial remarks

The initial comments from Fed’s Powell has helped to push yields lower with the 10 year yield now down -6.1 basis points. That has also led to a decline in the US dollar:

EURUSD is moved above it swing area between 1.07208 to 1.07346. The price high just reached 1.07462. The 50% of the range since mid-April comes in at 1.07579 and represents the next target for buyers.USDJPY is moving lower and tests the high price on Friday at 161.275, breaking below that level would have traders looking toward the 100-hour moving average at 160.944 (blue line on the chart below). Getting and staying below that 100-hour moving average would be the first break since June 14. As such it represents a key technical level for sellers to get to and through if they are to take more control.GBPUSD is pushing to new highs and is approaching its 100-bar MA on the 4-hour chart at 1.26909. The 200 bar MA on the same chart comes in at 1.27132.

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

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