Seeing some dollar selling as hopes for a vaccine improve

Stocks higher and hopes are higher after Gilead remdesivir drug trials

The news that Gilead’s remdesivir 2 clinical trials showed that an open-label Phase 3 trial testing the therapy in severely ill patients, found that those taking a 5-day or 10-day course of treatment led to similar results. The study showed that:

  •  52% of participants taking either dosing regimen were discharged from the hospital after 14 days of treatment,
  • At least 53% of those patients were reported as reaching “clinical recovery.

Gilead chief medical officer Merdad Parsey said in a statement. “The study demonstrates the potential for some patients to be treated with a 5-day regimen, which could significantly expand the number of patients who could be treated with our current supply of remdesivir.”

Gilead also said that a government-run clinical trial evaluating remdesivir in severely ill COVID-19 patients met the study’s primary endpoint. That study is being conducted by the National Institute of Allergy and Infectious Diseases,

The news has sent the dollar lower as flows out of the safe haven currency is the initial reaction.
The EURUSD has moved from 1.0838 to a high of 1.0866.  The pairs 100 bar MA on the 4-hour chart is at 1.08684. A move back above that level would be more bullish. The 200 hour MA at 1.08336 is a risk level for longs.
The GBPUSD was testing its 100 and 200 hour MAs at 1.2398 area but has since moved away from those MAs and trades at 1.24309 currently.  The 50% midpoint of the move down from the April 14 high comes in at 1.24466. The price has been above and below that level in trading both yesterday and today. Moving back above it would be more positive/bullish.
The USDCAD is trading to a new session low of 1.3917 (currently at 1.3932). A swing area going back to April 9 through April 15 comes in at 1.3920 to 1.3930.  Although the price dipped below that level, downside momentum could not be continued. A move below that level will be needed to solicit more selling toward the April 13 low at 1.38548.