In this morning video on October 27, 2023, I kickstart the Forex trading day with a technical look at the EURUSD, USDJPY and GBPUSD. What are the biases, the risks, the targets for those three major currency pairs?
EURUSD: The EURUSD tried to extend above resistance between 1.0561 to 1.0564, but momentum just could not get started, and the price has moved back to the downside in the early NY session . On the downside, the swing area between 1.0522 and 1.05316 which help support this weekend last week as well (at times) is the downside target to get to and through if the sellers are to take more control. On Topside watch 1.0561 – 64. Get above and stay above and traders will look toward the 200-hour moving average 1.0579 and the 100 hour moving average at 1.05904.
USDJPY:Surprise. The USDJPY has moved back below the 150.00 level after taking a run above the level at 150.77 yesterday. Although the dip yesterday was able to remain above 150.00, today, and more recently in the New York session, that level was broken. PS, it also corresponds roughly with the 100 hour moving average. So sellers are making a play in the early New York session with moves below 150.00, a move below the 100 hour moving average at 149.99, in a move below the 200 hour moving average at 149.90. Stay below that area in the sellers remaining control with further downside probing looking toward 149.476 – 149.545.
GBPUSD: The GBPUSD on the 4 hour chart is trading above support at 1.21056, and below a close resistance area at 1.21426. For today getting outside of that range, should lead to a further move in the direction of the break. That’s the trade/hope. Move above and 1.2157 – 67 followed by the 100 bar moving average on the 4-hour chart at 1.21842 would be targeted. Break below 1.21056 and the lows from last week near 1.2088 will be targeted followed by 1.2076 and the low from early October at 1.20362.