The USD is continueing the move higher as yields move higher, but is testing some technical levels in some of the currency pairs..
AUDUSD:
The AUDUSD is down testing the 200 bar MA on the 4-hour chart at 0.6514. Below that is the 38.2% retracement of the move up from the June low at 0.65096. Move below each opens the door for the 50% at 0.64833.
EURUSD:
The EURUSD has broken below the 1.1663 level and has quickly moved to the next target between 1.1614 and 1.1629.. Moving below that level and traders will be focused on another swing area between 1.15680 and 1.1578. Below that is a 38.2% retracement of the move up from the May low at 1.15357. Sellers are taking back control below the 1.1663 level.
GBPUSD:
The GBPUSD is down testing the 61.8% retracement of the move up from the May low. That level comes in at 1.33873. Will below that level and a swing area between 1.3360 and 1.3378 retargeted. The low price from June reached 1.3371 on June 23 and is within that swing area. Conversely, bounce off of the 61.8% retracement level and traders need to get back above 1.3414 to take back more control
