Kickstart your FX trading on September 29 w/ a technical look at EURUSD, USDJPY and GBPUSD

To kickstart your trading day in the Forex on September 29, 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 this week moved down to test a key target area near 1.0484. Support buyers leaned against that level on Wednesday and Thursday and pushed the price higher. Yesterday the high price stalled right at the 100-hour moving average. Today the price broke through that 100-hour moving average (near 1.0563), extended above the 38.2% retracement of the move down from the September 20 high at 1.05823, and then moved up to a key cluster of resistance nearly 50% of the same move lower at 1.06117, and the following 200-hour moving average currently at 1.0613. Also near that level was a broken 38.2% retracement of the move up from the September 2022 low on the daily chart at 1.06104. So there was a whole cluster of resistance between 1.06106 and 1.0613. That would need to be broken if the buyers were to take more control. But for now, the price is between the 100-hour moving average below at 1.05629, and the 200-hour moving average above at 1.0613

USDJPY: The USDJPY fell sharply today in the late Asian early European session and in doing so broke below its 100-hour moving average currently at 149.124, the 38.2% retracement of the move up from the September 21 low at 148.789, but stalled at a key support target against its 200-hour moving average and 50% midpoint retracement near 148.51. The price has snapped back higher and currently trades above its 100-hour moving average at 149.124. That level will be a key barometer for traders today.

GBPUSD: The GBPUSD has moved higher over the last 2 days correcting up to the 50% midpoint of the last trend move lower from the September 19 high. That level came in at 1.2267, and the high price today came in at 1.2271. In its move higher, the price moved above the 200-hour moving average for the 1st time since September 1. That moving average comes in at 1.22492. The current price is trading above and below that moving average level as buyers and sellers try to figure out what next. That moving average will be the barometer for the short term. Buyers are trying to make a play, but the 50% and the 200-hour moving averages give them cause for pause.

This article was written by Greg Michalowski at Source