Dovish comments send the dollar down and then quick covering
The Lael Brainard comments were more dovish and that send the dollar down to new session lows against the EUR, GBP, JPY, CHF, AUD and NZD (the CAD did not quite make it there).
Then as quickly as it fell, the dollar started to recover and the declines were fully retraced. The market seemed to be more concerned about her potential hawkishness it seems.
So where do we stand?
EURUSD
The EURUSD spike to and through the 50% at teh 1.1262 level and traded as high as 1.1267 (the prior high was 1.1263). The price moved all the way back down to the support trend line and has now rebounded toward the middle of the range. The 100 hour MA remains a target above to get to get to and through at 1.1248
USDJPY
The USDJPY went to a random low at 101.544 (nothing much there technically). The rally back higher tested upside resistance at the 101.96-102.035 area. That remains a key upside area to get through for USDJPY buyers. We may not go lower, but to go higher that area needs to be broken and stay broken....
