August 23: Kickstart your FX trading with a technical look at the EURUSD, USDJPY & GBPUSD

Kickstart your FX trading day with a look at the EURUSD, USDJPY and GBPUSD from a technical perspective:

  • EURUSD: The EURUSD has moved sharply lower after weaker PMI data. The price is testing its 200-day moving average at 1.0797. The last time the price moved below the 200-day moving average was back in November 2022. As a result, it represents a key barometer for both buyers and sellers. Buyers could lean against the level and hope for a rebound. Resistance is between 1.0833 and 1.0848 if support can hold. Conversely, on a break below the 200-day moving average, there is support down to 1.0773. Moving below that level, and it opens the door for further selling pressure.
  • USDJPY: The USDJPY technical story today is about all the resistance against its 100-hour moving average (currently at 145.708), and moving below its 200-hour moving average at 145.582. Technically if the price remains below the 200-hour moving average, the sellers remain in control. On the downside, there is a swing area between 144.88 and 145.10. Move below that level, opens the door for a test of the 38.2% retracement of the move-up from the August low at 144.624
  • GBPUSD: The GBPUSD has broken below its 100-day moving average of 1.26344, but is finding support against the low from last week at 1.2615. The pair has a swing area between 1.2590 and 1.26238 as well. Getting below the 100-day moving average is step one, but moving below the swing area is also a key hurdle that sellers need to get to and through.

This article was written by Greg Michalowski at Source