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The strongest and weakest currencies as NA traders enter for the day

May 11, 2016: The NZD is the strongest. The USD is the weakest.

As NA traders enter for the trading day, the NZD is the strongest currency while the USD is the weakest.

The NZD is higher after the Financial Stability Report disappointed those looking for an imminent cut ( click here ). The NZDUSD moved higher and touched the 100 hour MA on tow separate tests. The pair has been consolidating under that key MA (see blue line in the chart below).

The USD is the weakest. The greenback got a push from the USDJPY which ran out of steam in the Asian Pacific session (no special fundamental reason). That selling carried over in the London/European session albeit at a slower pace. The EURUSD is pushing higher now - making new session highs as I type. The pair is breaking away from the 100 hour MA. It is also testing the high for the week at the 1.1419

The ranges and changes show the major currency pairs are lower than the 22-day ranges (about a month of time). There is room to roam. Will the new momentum continue?

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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