Philadelphia Fed nonmanufacturing tumbled to -32.5 from -13.1 last month Consumer confidence came in at 92.9 versus 94.0 and 100.1 last month.New home sales came in about as expectedRichmond Fed was lower at -4 versus +6 lastmonth
US yields which were higher across the curve earlier today are now mostly lower:
2-year yield 4.019%, -1.7 basis points5-year yield 4.077%, -1.6 basis points10 year yield 4.322%, -0.8 basis points30 year yield 4.662%, +0.7 basis pointsIt's worth noting that just yesterday, the pair had climbed above the 200-bar MA on the 4-hour chart for the first time since January 27, but that move proved unsustainable. As a result, the 150.00 level now acts as a key intraday resistance. Staying below it keeps sellers in control, and traders will be watching this level as a risk marker for short-term positioning.
To the downside, attention now turns to the 100-hour moving average at 149.48 (blue line on the hourly chart below). Just below that lies the 200-hour MA at 149.17 (green line below), which provided solid support on two separate occasions last Friday. A break below these hourly MAs would further solidify the bearish momentum and open the door for a deeper pullback.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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