Kickstart your trading date with a look at the morning video for August 17, 2023. In the video I take a look at the 3 major currency pairs including the EURUSD, USDJPY and GBPUSD. It is a must watch.
EURUSD: The EURUSD has moved higher and in the process tests the following 100 are moving as 1.0916. The high price reached 1.0917 and backed off. It would take a move above that moving average and then the 100 day moving average of 1.0931 to give the buyers some control. Absent that and the sellers are still in control.
USDJPY: The USDJPY’s a day when streak is in jeopardy (the close from yesterday was at 146.347. The prices trading at 145.81). The fall today still has the rising 100 are moving average at 145.49 as a downside target to get to and through if the sellers are to take more control. On the topside, the price has moved back below the high of a swing area on the daily chart at 145.90. Watch that area for close resistance. If seller’s lien against that level on a rebound, the shift from buying to the selling may be underway at least in the short term.
GBPUSD: The GBPUSD based against its 100 hour moving average at session lows today. Staying above was more bullish. The last 4 or 5 hours of seeing the price moved to the highest level since last Thursday. A swing area between 1.2789 and 1.27994 (call it 1.2800), needs to be broken to give the buyers more confidence. Above that is the 38.2% retracement of the move down from the July 14 high. A level comes in at 1.2816. If the price cannot get and stay above the 38.2% retracement after atrend move down, the buyers are not taking back control. On the downside watch 1.2739 area.
This article was written by Greg Michalowski at www.forexlive.com. Source