In the kickstart video from June 5, I take a technical look at the three major currency pairs – the EURUSD, USDJPY and GBPUSD. In addition, with the Bank of Canada rate decision looming, I take a technical look at the USDCAD and outline the technical levels that are in play through that rate decision (the Bank of Canada is expected to cut rates by 25 basis points).
The EURUSD today bounced off of it 100-day moving average, keeping the buyers in control.
In the USDJPY, the pair trended lower yesterday, and is trending higher today. The 100-hour moving average comes in at 156.33 and represents a key level to get to and through to give the buyers more control.
The GBPUSD bounced off its 100 and 200 hour moving averages yesterday. The 100-hour moving average of 1.2755 and 200- hour moving out at 1.2749 is now support. There is a swing area between 1.2793 and 1.2802 that needs to be broken and stay broken to increase the bullish bias and open the door for further upside momentum in the GBPUSD.
For the USDCAD, there is a cluster of moving averages between 1.3653 and 1.3674. Those moving averages will be the barometer for the USDCAD through the Bank of Canada rate decision. Move above 1.3674 – and stay above – increases the bullish bias. Move below the 1.3653 level – and stay below – increases the parish bias.
Find out all about it in this video.
The aware. Be prepared.
This article was written by Greg Michalowski at www.forexlive.com. Source