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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 trading in an up-and-down range ahead of the US jobs report tomorrow. On the topside, the price has stayed below the 50% midpoint of the move down from last week’s high to this week’s low. That midpoint level comes in at 1.05326. The price action yesterday tested the midpoint level at the highs for the day. In trading today, early sellers against that level stalled rallies in the Asian session and also in the early US session. Above the 50% retracement is the falling 200-hour moving average of 1.0538. Both the 50% and the 200-hour moving average would need to be broken to increase the bullish bias going forward. The price has now moved below the 100-hour moving average at 1.05128 but remains above a key support level down to 1.0483. Yesterday the US session low bottom near that level. From the daily chart, that level represents the low of a swing area. Although broken earlier in the week, momentum could not be sustained, and the price has been able to stay above that level since moving back above yesterday. Going forward it would take a move below 1.0483 to increase a bearish bias.
USDJPY: The USDJPY in the Asian session fell below the 50% midpoint of the move up from the September 22 low at 148.73. Recall from Tuesday and again yesterday, corrective moves the downside stalled near that level. The break below saw increased momentum with the price moving all the way down to 148.254 before bouncing back higher and retracing the full decline. That bounce took the prize back above the 50% midpoint (at 148.734). What next? The 50% midpoint is reestablished as support. It would take a move below to increase the bearish bias. Conversely, on the topside, the 200-hour moving average comes at 149.214. The 100-hour moving average comes in at 149.33. Getting above both his need to increase the bullish bias.
GBPUSD: The GBPUSD is another currency pair that is waffling up and down in trading here today ahead of the US jobs report tomorrow. On the topside, the 200-hour moving average currently at 1.21558, is providing a ceiling. Yesterday price briefly moved above that moving average level, but quickly reversed. It would take a move above it and staying above it to increase the bullish bias going forward. The GBPUSD price has been trading above and below their 100-hour moving average at 1.2130. On the downside, watch 1.21109 as a bullish above bearish/below barometer. The level was the low price from last week’s trading. Yesterday the price briefly moved back below after raking above it but quickly reversed. Today the price also has moved briefly below it and is trying to reverse back higher. So watch that area for short-term clues. Moving below that level – with more momentum – and a move toward the low price from yesterday’s trade at 1.20362 cannot be ruled out
This article was written by Greg Michalowski at www.forexlive.com. Source