August 21, 2023: Kickstart your trading day with a look at the EURUSD, USDJPY and GBPUSD

Kickstart your forex trading day (and week) with a look at the EURUSD, USDJPY, and GBPUSD from a technical perspective

EURUSD: The EURUSD has moved above its 100-hour moving average after testing it on Thursday and finding willing sellers. The price action last week spent all the week below that 100 hour moving average level. Breaking above it today (it is currently at 1.0889) does tilt the bias more to the upside. However, the 200-hour moving average, the 100-day moving average, and the 38.2% retracement of the last move down from the August high all come in between 1.0925 and 1.0932. If the buyers are to take more control they need to get above that area and stay above. Buyers are making a play above the 100 hour moving average. Can the buyers stay above the 100 hour moving average and start working on the topside targets?

USDJPY: The USDJPY is also rebounding higher after a successful test of its 200-hour moving average on Friday (the 200-hour moving average is currently at 144.886). Staying above the 100-hour moving will have have traders looking toward the swing highs from Thursday’s trade near 146.29 and 146.554 respectively. Conversely, a break below the 100-hour moving average would disappoint the buyers. A level to also watch is 145.90. That is the high of a swing area from the daily chart (see video).

GBPUSD: The GBPUSD has been waffling up and down going back to the end of July. The price action today took the price below the 200-hour moving average at 1.27175, but momentum quickly faded and the price has rebounded higher over the last 4 or so trading hours. There is the swing eye from Friday near 1.2766 (it was also a swing high from Wednesday). Above that is a swing area between 1.2789 and 1.2799 (call it 1.2800). Conversely, a move back below the 100 and 200-hour moving averages would disappoint the buyers once again.

This article was written by Greg Michalowski at Source