Kickstart your FX trading on October 4 with a technical look at EURUSD, USDJPY and GBPUSD

To kickstart your trading day in the Forex on October 4, 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 is higher on the day, and moved to a new high after the week and expected ADP jobs report. However, the upside was limited by the 100-hour moving average at 1.0524. It would take a move above that level and then the 200-hour moving average to give buyers more confidence. On the downside a swing area between 1.0483 and 1.0496 is support. Stay above and the debt buyers have a shot at least (with more work to do).

USDJPY: The USDJPY had a very volatile day yesterday after surpassing the 150.00 level and reaching a high of 150.154. Concerns that the Bank of Japan may intervene since the price tumbled around 280 pips in a matter of seconds down to 147.329 which was just short of the swing low from September 22 at 147.314. The price rebounded back to the upside and has been trading between 149.315 (which was swing low going back to September 29), and the 50% midpoint of the move up from the September 22 low at 148.734. Traders were watching that range for clues to the next move.

GBPUSD: The GBPUSD has moved higher and in the process is testing its 100-hour moving average at 1.2147 and its 200-hour moving average of 1.21686. Getting above the 200-hour moving average is key for debt buyers looking for more momentum (and staying above) recall from last Friday, the price moved above that moving average for the 1st time since September 1 only to fail after 4 hours. On the downside, there is support near 1.2110 which was the low price from last week. Below that the 1.2076 level of the move up from the September 2022 load to the July 2023 high. The price was finally able to get below that level yesterday, and a new low was made today before rebounding higher. However, the break seems to be failing, which is not a good development for sellers looking for more downside.

This article was written by Greg Michalowski at Source