Forexlive Americas FX News Feature April 26: USD ends mixed on the day. Bitcoin is falling.

EUR ends the day as the strongest of the majors. EUR’s gains were strongest against AUD and NZD (they were the weakest of the majors) with both EURAUD and EURNZD each up around 1% on the day.

EURUSD saw a gain of 0.60% to 1.1039 (closed at 1.0974), but that price was off the intraday high that peaked at 1.1095. The high took the pair to the highest level back to March 2022, but the momentum could not be sustained. The good news is that the price is higher and above the 100 and 200 hour MAs (they closed below those MAs yesterday), but the not so good news is that the 2023 highs didn’t last very long. The 100 hour MA is currently at 1.1001 (other support is around that area – see red circles on chart below).

The GBPUSD price action mirrored the EURUSD with a sharp rise above the 100/200 hour MA at 1.2442 and 1.2429 respectively. It did not make a new 2023 high – it hit its highest level since April 14 at 1.25148 – but rotated back towards the 100 hour MA. The low reached 1.24529. On the new day, the 100 hour MA will be key at 1.2442.

USDJPY had a volatile up and down day. The move lower moved to a low of 132,299. It was just below the 100-day MA of 132.95. Selling dried up in front of the level and the pair reversed almost the entire move lower. The corrective high reached 133.856 which was just below the day’s high of 133.93. The price also held below the falling 100 hour MA of 133.99. That MA will be a key barometer going forward. Stay under keeps the sellers in more control.

USDCHF today, moved to a new low back to January 2021, falling below the April double bottom of 0.8859 in the process. However, similar to EURUSD trading to a new year low, the breakout failed and the price fell back higher. Looking at the hourly chart below, the price moved back above the 100 hour MA at 0.8907 and that MA is trying to hold support. At the top, the 100 hour MA at 0.89357 is the next upside target that, if buyers are to take more control, must be breached on the new trading day.

In other markets today:

• Gold traded down $8 or -0.40% to $1988.46
• silver traded down -$0.15 or -0.61% to $24.84
• WTI crude futures are filling the gap from the OPEC+ production cuts at $75.70 and traded at a low of $74.05. The current price is trading at $74.35 which is down $-2.72 on the day
• Bitcoin fell to the downside in afternoon trade. The price moved from a high of $30,022 to a low of $27,242. The last 2 hours moved from a high of $29,730.

In the US stock market, the major indexes mixed with the Dow and S&P close lower, while the Nasdaq is higher (helped by Microsoft and Nvidia which both rose nicely. After the close, Meta reported better earnings and their shares are up 11%.

The final figures show:

• Dow Industrial Average fell minus 228.96.4 -0.68% to 33301.88
• The S&P index fell 15.62 points or -0.3% to 4,056.00
• The NASDAQ index rose 55.18 points or 0.47% to 11,854.34

In the US, market rates were up and down in trading today, but closed higher:

• 2 year return 3.948% +5.3 basis points
• 5 year return 3.499% +5.5 basis points
• 10 year return 3.450% +5.2 basis points
• 30 years 3.704% +5.3 basis points

Thanks for the support. Good luck with your trade