As we head into a myriad of economic releases and events including US jobs, inflation data, key earnings, US election, central bank decisions, it is important to understand where we stand from a technical perspective.
IN the video, I take a look at 3 of the major currency pairs and make sense of the technical levels in play.
For the EURUSD the wide range is between 1.0872 on the topside, and 1.07609 on the downside. IN the video I explain why those levels are important in detail. Traders looking for the next shove
For the USDJPY sellers have leaned against 153.88 on the last three test of that level. The first was back on July 31. Then on Monday and again yesterday, sellers leaned against that level. A break above and staying above would be more bullish.
On the downside, a swing area between 151.86 and 151.937 followed by the 200 day moving average of 151.489 are the lower extremes that if broken would increase the bearish bias. In between, buyers and sellers are battling it out.
For the GBPUSD, the buyers had their shot on a modest break above its 100 bar moving average on the 4-hour chart at 1.30172 and failed. The subsequent fall has now taken the price below its 100 day moving average at 1.29742, and down to test a low price from Monday and at other times going back to July at 1.2938. Buyers and showed up against that level once again. Close resistances at the 100 day moving average today. Close support is at the 1.2938 swing level.
This article was written by Greg Michalowski at www.forexlive.com. Source