The kickstart FX video takes a look at the 3-major currency pairs AND USDCAD after jobs.

EURUSD Update

Key Points

  • EURUSD moved higher yesterday but faced selling pressure at the 100-hour MA.

  • Breaking above the 100-hour MA and 200-hour MA is needed to confirm a bullish trend.

  • Today’s price action pushed down to a key swing area (1.07609-1.07767) and is now breaking below that area. Stay below is more bearish. .

  • A break below this area increase downward momentum, targeting election lows at 1.06819.

Trading Bias

  • Bullish: Above 100-hour MA and 200-hour MA

  • Bearish: Below 1.07609-1.07767 swing area

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USDJPY Update

Key Points

  • USDJPY tested and broke below 100/200-hour MA yesterday but rebounded in the Asian session.

  • Price tested 61.8% retracement level (153.397) o fthe move down from July but failed to break above.

  • Subsequent re-break below 100/200-hour MA sparked increased selling.

  • Key support levels:

  • Swing area between 151.75 to 151.937

  • 200-day MA (151.67)

Trading Bias

  • Bearish: Below 100/200-hour MA, targeting 151.67

  • Bullish: Above 153.397, confirming uptrend

Key Level to Watch

  • 200-day MA (151.67)

GBPUSD Update

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Key Points

GBPUSD is clustered around key Moving Averages (MAs):

  • 100-day MA: 1.29921
  • 100-hour MA: 1.29486

  • Other support swing level: 1.2938

Trading Bias

  • Bearish: Breaking below 1.2938 increases bearish bias and seller confidence.

  • Bullish: Sustaining above 1.29486 and extending above 1.2992 (100 day MA) confirms uptrend.

Market Analysis

  • Buyers failed to sustain above 100-day MA yesterday.

  • Sellers took control after 100-day MA stalled Asian high today.

  • Sellers now targeting break below 1.2938. Move below opens the door for the sellers to push to the downside.

Key Level to Watch

  • 1.2938: Breakdown increases bearish momentum.

This article was written by Greg Michalowski at www.forexlive.com. Source