To kickstart your trading day, week, month and quarter in the Forex on Octoebr 2, 2023, I take a look at the EURUSD, USDJPY, and GBPUSD from a technical perspective. Below is a verbal summary of the video details:
EURUSD: The EURUSD stalled against a cluster of resistance on Friday near the 1.0610 area. The broken 38.2% retracement on the daily chart, the 200-hour moving average, the 50% midpoint of the move down from the September 20 high, and swing levels on the hourly chart all contributed to resistance near that 1.0610 area. The move to the downside on Friday stalled the fall near the 100-hour moving average (currently at 1.0556). In trading today, the price initially based near the 100-hour moving average and moved higher, but then reversed lower as yields started to move higher in the US. The 100-hour moving average has now been broken and is represents topside resistance at 1.0556. The bias turned from neutral to more bearish on the move below that moving average. On the downside, there is support near 1.0515 and then down near 1.0484. On the daily chart, there is a swing area from 1.04842 to 1.0533. The price is trading just below the high of that swing area.
USDJPY: The USDJPY has moved to yet another new high going back to October 2022 as it inched higher in trading today. In the process, the price moved above a trendline on the daily chart near 149.59. That will be eyed as a close risk, but the buyers continue to rule the pair even though the price is getting closer to the multi-decade highs reached in 2022. The 150.00 level is the next major target.
GBPUSD: The buyers had their shot in the pair on Friday on the break above its 200-hour moving average. That was the 1st move above that moving average since September 1. The moving average is currently at 1.2224. Today, the price held support against its 100-hour moving average in the Asian session, and tried to extend toward the falling 200-hour moving average in the early European session. However, buyers turned to sellers as US yields moved higher. The price fell below the 100-hour moving average of 1.21767, and tilted the bias to the downside. There is a swing area resistance near 1.2159 – 1.2167 ahead of the 100-hour moving average. On the downside, the low from last week at 1.21102 is the next target, followed by the 38.2% retracement of the move up from the September 2022 low. That level comes in at 1.20763.
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This article was written by Greg Michalowski at www.forexlive.com. Source