Kickstart your trading day with a technical review and overview of some of the major currency pairs. In this video, I take a technical look at the EURUSD, USDJPY, and GBPUSD.
EURUSD: For the EURUSD, the pair moved up to test it at 100-day moving average of 1.09313, and has rotated back to the downside to test the lows for the day near a swing area between 1.08867 and 1.08993. The 61.8% retracement of the move up from the end of May low to the July high comes in at 1.08801. Those levels were the same levels in play yesterday. In trading yesterday the price moved above the 100-day moving average but stalled the head of the 50% midpoint at 1.09555. That level will also be a key target on further upside momentum.
USDJPY: The USDJPY rose by 1 pip yesterday but it was good enough for the 7th consecutive rise for the pair. The price is higher again today and testing the high price from yesterday along with a key swing high on the daily chart at 145.90. A move above that level would increase the bullish bias for the pair. On the downside, moving into negative territory below 145.55 might be a short-term barometer for traders. Stay below and then move below 145.00 should open the door for further downside selling. For now the buyers are in control with the 8th consecutive day to the upside in play.
GBPUSD: The GBPUSD moved to its highest level since last Thursday. Higher CPI propelled the price higher. However, the price has been rotating back lower and currently tests its 200-hour moving average at 1.2720. Below that is its 100-hour moving average of 1.2700. Getting back below those levels is needed to tilt the bias back to the downside. Holding the 200-hour moving average, keeps the buyers marginally in control – at least in the short term.