The USD has seen up & down price action w/ technical levels defining support & resistance

The USD vs the 3 major currency pairs has seen up and down price action leaving the EURUSD, USDJPY and GBPUSD modestly changed vs the closing levels from yesterday. Looking at the BIG 3, the EURUSD is down -0.09%, the USDJPY is up 0.07% and the GBPUSD is down -0.18% as I type.

In between the technicals did a decent job of finding support and resistance. Holding levels increases the technical levels going forward as traders await the next shove either higher or lower.

IN the video above I take a technical look at the 3 majro currency pairs and outline the key levels that traders will be eyeing in the new day and explain why they are so important.

In other news, the Reserve Bank of New Zealand (RBNZ) cut the Official Cash Rate (OCR) by 25 basis points to 3.25%, aligning with expectations, and cited declining core inflation and stability within the inflation target band as justification. The RBNZ emphasized that while global tariffs and policy uncertainties are weighing on growth, domestic conditions support a return to the mid-point of its 1–3% inflation target over the medium term. Projections show further declines in the OCR to 2.87% by June 2026 and 2.9% by September 2026, with long-term stabilization around 3.1% into 2028.

The RBNZ minutes revealed that the committee debated keeping rates unchanged at 3.5% but ultimately voted 5-1 in favor of a cut, noting that the full impact of past rate cuts is still materializing. The bank highlighted uncertainty around the impact of rising US tariffs on New Zealand’s exports, anticipating they will suppress global demand.

The cut came as expected but the behind the scenes commentary was less dovish than expectations. That helped to push the pair higher. The NZDUSD is up around 0.25% to start the NA session after moving lower in the Asian/Pacific session. The price is back above the 100 hour MA at 0.59615 which will be a close barometer to start the session.

The USD stocks are down modestly to start the US session. Nvidia and Salesforce will announce earnings after the close today.

Futures are implying:

• Dow industrial Average -48 points
• S&P index down -3.78 points
• Nasdaq index down -5.24 points

IN the US debt market, yields are little changed:

• 2-year yield 3.955%, +0.6 basis points
• 5-year yield 4.029%, +0.7 basis points
• 10-year yield 4.438%, +0.6 basis points
• 30-year yield 4.944%, +0.4 basis points

In other markets:

• Crude oil is trading up $0.69 or 1.13% at $61.58. OPEC+ may discuss 2027 baselines hikes in production and agree on a July hike . This according to Reuters. Pres. Trump was in Saudi Arabia recently and lower oil prices are an important part of his talking points to deflect against things like tariffs and the big, beautiful bill which it is believed benefits the wealth.
• Gold is trading up seven dollars or 0.21% at $3307
• Bitcoin is trading near unchanged at $109,038. The Bitcoin conference in Las Vegas kicks off today. VP Vance will give a keynote address.

On the economic calendar today,.the

• Richmond Fed composite index for May will be released at 10 AM. Last month the index came in at -13.
• The U.S. Treasury will auction off 5- year notes at 1 PM
• The FOMC meeting minutes will be released at 2 PM. Although the market is looking forward to the release, the Fed kept rates unchanged and the story remains uncertain. Nevertheless the market will dissect the minutes for bias clues