August 22, 2023: Kickstart the FX trading day w/ a look at the EURUSD, USDJPY and GBPUSD

Kickstart your FX a day with a technical look at the EURUSD, USDJPY and GBPUSD.

  • EURUSD: The EURUSD moved higher in the Asian and into the early European sessions. In the process, the price extended above its 200-hour moving average at 1.0916, but found willing sellers against its 100 day moving average and 38.2% retracement at 1.0930 area. The last 4 or 5 hours has seen the price move steadily to the downside and US/European traders are now taking the price below its 100 hour moving average 1.0885. Staying below that moving average will keep the sellers more in control.
  • USDJPY: The USDJPY in the Asian session moved up to retest the high from yesterday near 146.40, but found willing sellers. The subsequent move to the downside was able to break back below the 100-hour moving average at 145.820, but found early buyers against its rising 200-hour moving average at 145.42. Recall from a Friday, the price bounced off of that moving average level. The 145.488, about 6 – 7 pips short of the moving average level. In the early US session, the price has moved back above the 100 hour moving average of 145.82. Stay above is more bullish once again as the pair rebounds from its 200 hour moving average support target.
  • GBPUSD: The GBPUSD moved up to test the high of what has been near the upper extremes of the pair since the beginning of August near the 1.2800 level. Sellers leaned and have since pushed the price down to retest its rising 100-hour moving average 1.27422. Sport buyers are stalling the pair so far against that level. A move below would have traders looking toward the rising 200-hour moving average 1.27216. Moving below that and the bias shifts back to the downside as this pair continues to trade more in an up-and-down range with 1.2615 as the lower extreme, and nearly 1.2800 level as the upper extreme.

This article was written by Greg Michalowski at Source