In the Kickstart video for July 29, I take a look at the 3 major currency pairs – the EURUSD, USDJPY and GBPUSD – to start the trading week.
IN the weekend video posted on Friday, I spoke to key levels in the EURUSD (and the USDJPY, GBPUSD and other major pairs vs the USD). On the topside the pair needed to get above 1.0872. Today, the price moved higher toward that level in the Asian session and found willing sellers. The price has since moved below the 38.2% (another level outlined in the weekend video) and stayed below. The 200-day MA is the next target and is currently being tested at 1.0816. A move below that level would have the 50% of the move-up from the June low at 1.0806 followed by the 100-day MA at 1.07958 as key targets needed to be breached to increase the bearish bias.
The USDJPY is trading up and down. The up – early in the Asian session – moved higher but stayed below a swing area between 154.52 and 154.88. Also tested at the high was the falling 100-hour MA. That MA was retested in the early US session so far, and once again found willing sellers. The 100-hour MA comes in at 154.05.
The GBPUSD – like the EURUSD – moved higher earlier in the Asian session, but could not muster momentum toward the 100 bar moving out of the 4-hour chart (at 1.28979). Sellers entered and pushed the price be low key level outlined in the weekend video near 1.2845. That took the price below a broken trendline at 1.2845, the low from last week (at 1.2848), and a swing area between 1.2845 and 1.2860. Selling momentum continued, but stalled ahead of the rising 200 bar moving average on the 4-hour chart at 1.27945. The subsequent bounce has been able to stay below the key 1.2845 level. Stay below that level keeps the sellers more in control today and going forward.
This article was written by Greg Michalowski at www.forexlive.com. Source