Kickstart your forex trading on October 18 with a technical look at the technicals driving the EURUSD, USDJPY, and GBPUSD.
EURUSD: The EURUSD trades up and down with the find ceilings and floors from the technicals. On the top side, the high price stalled against the high from yesterday (double top). On the downside the price was able to get below its 200-hour moving average of 1.0565, but as found support bars against the 100-hour moving average 1.05481. The current price trades between those 2 moving averages in neutral territory waiting for the next shove as North American traders enter the fray.
USDJPY: The USDJPY continues to have the fear of the 150.00 level. Yesterday the high price reached 149.85 before stalling. In the Asian session today, the price was able to do move back below its rising 100-hour moving average (currently at 149.618). But found support bars against the low of a swing area at 149.476. The price moved back above the 100 hour moving average and has been able to stay above that moving average through 3 – 4 tests in the European session. That moving average will be a barometer for buyers and sellers in the short term at least.
GBPUSD: The GBPUSD as it tried to move higher and although the pair was able to move above its falling 100 hour moving average but stalled ahead of its 200 hour moving average of 1.2217. That MA is near the low of the swing area up to the 38.2% retracement at 1.22316 (of the move down from September 12). Getting above both the 200 hour moving average and the 38.2% retracement is needed to increase the bullish bias. The price has not been above that area for over 4 days now. On the downside, there is a swing area between 1.2157 and 1.2167 that would need to be broken to increase the bearish biases have traders looking down toward the lows from this week and last week (at 1.2132 and 1.2121 respectively), followed by a swing area near 1.2105 and 1.21109