In the kickstart video, I take a look at three other major currency pairs from a technical perspective – the EURUSD, USDJPY and GBPUSD.
There was a slew of economic data in the US highlighted by the Advanced GDP for the 4th quarter which showed strong growth and tame inflation, and initial jobless claims which rebounded from last week’s low levels (weaker jobs market).
The ECB also kept rates unchanged and ECB Pres. Lagarde is conducting her press conference.
The EURUSD is tilting to the downside with the price below its 100 and 200-hour moving averages between 1.0882 and 1.0887. Staying below keeps the sellers in control.
For the USDJPY, the pair is also moving lower with the price trading below its 100-day moving average and 200-hour moving average with both at 147.584. Staying below those moving averages keeps the bias more to the downside.
The GBPUSD did dip to a new low in the current hourly bar, but found support buyers against its 200-hour moving out at 1.26953. The price has since moved back above its 100-hour moving average at 1.27108. Those moving averages will be the barometer for buyers and sellers going forward. Staying above is more bullish. Moving below would be more bearish.
This article was written by Greg Michalowski at www.forexlive.com. Source