After interest rate decisions from the Fed, Bank of England, and ECB, the market reaction is to sell the dollar. The Fed was considered more dovish. The Bank of England was more hawkish and the ECB was probably in between, but that has not stopped the USD from moving lower.
In this kickstart video for December 14, I take a look at the three major currency pairs – the EURUSD, USDJPY and GBPUSD from a technical perspective. Some of the highlights from a technical perspective:
- The EURUSD is moving up toward the next target between 1.0958 the 1.0964. The law also corresponds with the 61.8% retracement of the 2023 trading range at 1.0959. Moving above is more bullish.
- The USDJPY move down to test the 200-day moving average and 38.2% retracement near 142.47 after yesterday’s sharp decline. In training today, those dual levels were broken with the press moving down to a low near 140.93. Going forward, the 200-day moving average and 38.2% retracement level will be a key barometer for bullish above, bears below.
- The GBPUSD is cracking above its 61.8% retracement at 1.27191 of the move down from the July high to the October low. That level comes in at 1.27191 and represents close support intraday. Staying above is more bullish.