The technicals for the EURUSD, USDJPY and GBPUSD have similar-looking charts in the short term. The price of each are off lows from last week, and above at least the 100-hour MA. The GBPUSD and USDJPY are trading between their 100 and 200-hour MAs. On the topside, the pairs are all below their 38.2% retracement of the recent moves lower.
So the stories are similar technically. Traders will be listening to the price action in the new trading day and that will determine how the story progresses.
I also take a technical look at the AUDUSD which saw price action on Monday wander in a narrow up-and-down trading range and also above and below the 100-hour MA. How traders define the winner will be eyed today with the 100-hour MA as the barometer. Moving above with momentum is more bullish. Moving below with momentum will be more bearish. Go with the flow.
This article was written by Greg Michalowski at www.forexlive.com. Source