The USD is modestly lower vs the EUR, JPY and GBP today as North American traders and investors enter for the day. In the video above, I take a look at the three major currency pairs – the EURUSD, USDJPY and GBPUSD to kickstart your day, and explain what is the current bias, the risks and targets so you can make sound trading and investing decisions.
Looking at other markets to start the session, the US stocks are modestly higher:
- Dow industrial average up 134 point
- S&P index up 1.81 points
- NASDAQ index up 26.94 point
In company specific news, after the close SMCI disappointed in their earnings, and the stock reflects that fundamental development from their earnings report (the market will punish those that miss).
The price is currently down 17.031% in premarket trading, and looks toward the 50% midpoint of the move up from the April low to the August high at $44.70 as next target. Close resistance (risk) now comes near the $49 level which was recent swing lows where the price based in the month of July. It also represents the broken 38.2% retracement of the move up from the April low.
It would take a move above that $49 level – and stay above – to give the dip buyers some hope. There is oil inventory data at 10:30 AM ET. At 1 PM, the U.S. Treasury will auction 10 year notes
