The USD is moving lower helped by lower oil, and lower rates.

• Crude oil is trading down around five dollars and $75.82, and getting closer to its next key target at the rising 200 day moving average at $73.47
• The 10 year yield is now down -4.4 basis points at 4.423%

Looking at some of the major currency pairs:

EURUSD:

The EURUSD is pushing to a fresh session high at 1.1619, bringing the pair back up to test yesterday’s peak. The next key upside target comes in at the 50% midpoint of the trading range since mid-March at 1.16287. A sustained move above that level would strengthen the bullish case and shift the focus toward the June 4 and June 5 highs near 1.1644.

If buyers can clear that resistance area, attention would then turn to a more significant swing zone between 1.1655 and 1.1667, an area that has acted as an important technical battleground in recent months. Beyond that, the pair faces another key hurdle with both the 100-day and 200-day moving averages converging near 1.1676. That confluence creates a notable resistance target and a level that could attract increased profit-taking or fresh selling interest on the first test.

For now, the path of least resistance remains higher, with buyers maintaining control as long as the pair continues to press against and ultimately break through the resistance levels overhead

GBPUSD:

The GBPUSD is also extending to fresh session highs, reaching 1.3443 and continuing its recovery from last week’s lows. The next key resistance zone comes in between 1.3446 and 1.3465, a range that includes the 100-day moving average at 1.34629.

That moving average represents an important technical hurdle. On May 29, June 2, and June 5, buyers managed to push above the 100-day moving average, but each breakout attempt quickly failed, with the pair closing back below the level. In fact, the GBPUSD has not recorded a daily close above its 100-day moving average since May 25, underscoring its significance as a barometer for the longer-term bias.

On the supportive side, today’s rally has carried the pair above its 200-day moving average at 1.34163. The price is now moving further away from that level, making it an important near-term risk-defining support level. As long as the pair remains above the 200-day moving average, buyers retain the upper hand and can continue to target the 100-day moving average and the resistance zone above. A break and close above that area would represent an important technical victory for the bulls and open the door for a broader upside extension.

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