In the kickstart video, I take a look at the EURUSD, USDJPY and GBPUSD from a technical perspective.
The EURUSD yesterday moved to a swing area support (between 1.0720 and 1.0734) and found temporary support, but in the Asian session today, that area was broken and it opened the door for further selling momentum. That area is now a key barometer for both buyers and sellers. Staying below is more bearish. The price has moved toward swing low levels that were reached in the month of April and early May as the price moved higher, starting with 1.06737 and progressing to 1.0649, 1.0622 and 1.0600.
The Bank of Japan Policy rate unchanged and said that they would look to cut bond buying but not until July. That sent the USDJPY to the upside (lower Yen) before reversing the entire gain. The low price on the move lower, stalled just ahead of the 38.2% retracement of the June trading range at 156.89. That level will need to be broken to increase the bearish bias. On the top side watch 157.40 – 157.46 as a key resistance level.
The GBPUSD consolidated in the early Asian session between the 200 hour moving average above, and the 100 hour moving average below. The price ultimately broke below the 100 hour moving average, and buyers turn to sellers. That trend continued in the European session and into the early US session until the price reached a swing area at 1.26748 and 1.2685 and the rising 200 bar moving average on the 4-hour chart at 1.2668. That moving average was tested and the price has bounced back higher. The question now is will the swing area floor between 1.26748 and 1.26858 now hold support. If it does watch 1.27048 (get above and buyers can feel more confident). Moving below and below the 200 bar moving average on the 4-hour chart at 1.2668, opens the downside for more selling momentum.
This article was written by Greg Michalowski at www.forexlive.com. Source