Kickstart your forex trading day for Aug 18:A technical look at the EURUSD, USDJPY, GBPUSD

In the morning kickstart technical view of the EURUSD, USDJPY and GBPUSD, the US dollar is moving higher.

  • EURUSD: The EURUSD is training to the lowest level since July 6 and in the has moved into a swing area between 1.0833 and 1.08485. That area is a key barometer for both buyers and sellers today. A move below would have traders targeting the 200 day moving average. On the top side the prices moving away from its 61.8% retracement level at 1.0880.
  • USDJPY. The USDJPY is rebounding from lows today that stalled ahead of a swing area between 144.88 and 145.10 (the low price today tested the low price from Tuesday’s trade as well). The 100-hour moving average comes in at 145.688. Move above and traders will target 145.90 which is a key level on the daily chart.

GBPUSD: The GBPUSD has been confined by a range between 1.2615 and 1.2800. In the early US session, the price has pushed further below its 100 and 200-hour moving averages which are converged at 1.2718. Staying below those moving averages keeps the sellers more in control. On the downside moving below 1.2678 (low of a swing area) will have traders thinking about another test of its 100-day moving average of 1.26268. Recall on Monday, the low price based against the 100-day moving average (and low from August 3).

This article was written by Greg Michalowski at Source