Kickstart your forex trading on October 13 with a technical look at the technicals driving the EURUSD, USDJPY and GBPUSD.
EURUSD: The EURUSD is trading up and down today with the highs stalling against a swing area between 1.0551 and 1.0557. Ahead of that is the 200-hour moving average 1.05484. Stay below that area and the sellers have the advantage technically. Targets on the downside include 1.0531, the low for the day and week at 1.0513, and a swing area between 1.0483 and 1.0500. Conversely, move above 1.0557, and we should see a rotation back toward the 100-hour moving average of 1.05801.. Right now the sellers are winning with the New York session high stalling against the 200-hour moving average at 1.05488
USDJPY: The USDJPY has a 150.00 phobia. Yesterday the price surged higher but after getting to a high of 149.82, sellers started to lean against the key resistance level both yesterday and again today. Recall last week, the price moved above that key 150.00 level reaching a high of 150.154 soon after the surprising JOLTs job data. The price then proceeded to tumble 280 or so pips lower on concerns that the Bank of Japan would not like that move (and might intervene). As a result, moving toward that 150.00 level again, is gonna be a hard thing to do for traders with that fear fresh in their minds. On the downside, there is a swing area between 149.47 and 149.54 on the hourly chart that I will be watching in the short term to see if it is broken today. A move below would have traders looking potentially down toward the near converged 100 and 200 hour moving averages near 149.06. Also near that level is the 38.2% retracement of the move up from the September 21 low. That cluster of support could act as a magnet for traders going forward. On the topside be aware of the 150.00 fear dynamic.
GBPUSD: The GBPUSD – like the EURUSD – is moving up and down with the high price it today stalled within a swing area between 1.2219 and 1.22316. The low price today also stalled within a swing area between 1.2159 and 1.2167. In between sits the 200-hour moving average at 1.21996 (call it 1.2200). In the early North American session, the 200-hour moving average is providing a stall point after falling below the moving average in the European morning session. Stay below that MA, and a rotation back toward the lower swing area would be eyed. Needless to say, a move above, and the upper swing area will be the next target to get to – and through – followed by the 100 hour moving average at 1.22517.
This article was written by Greg Michalowski at www.forexlive.com. Source