Kickstart your FX trading for Nov. 14 w/ a technical look at the EURUSD, USDJPY and GBPUSD

The US CPI data came in softer than expectations and that has led to a sharp move lower in the US dollar. Having said that, there is some technical levels in play after the move. What are those levels? What next for the EURUSD, USDJPY and GBPUSD? This video will outline the technical levels in play.

EURUSD: The EURUSD has moved sharply higher and in the process is a testing it’s a 100 day moving average at 1.0791 and its 200 day moving average 1.08017. The high so far has been able to get above the 100 day moving average but not the 200 day moving average. Sellers are giving some respect to those moving averages with hopes of a corrective move to the downside. However, if broken, I would expect further upside momentum.

USDJPY: The USDJPY has moved sharply lower and in the process broken below its 100 hour moving average at 151.35, and a swing area between 151.17 – 151.23. Staying below that swing area keeps the sellers more in control in the short term (close risk). On the downside, the pair is approaching its rising 200 hour moving average of 150.74, and a swing area between 150.71 and 150.77. Move below those levels and traders could start looking toward the 150.00 level. It wasn’t long ago that that level was a ceiling for the USDJPY. PS. Yesterday the price of the USDJPY got within 3 pips of a 32 year high. So a double top is now in place. Will the sellers take advantage of those technical developments with a meaningful correction lower? Staying below 151.23 is close risk.

GBPUSD: The GBPUSD moved sharply to the upside and in the process is looking to test the November high at 1.24278. Above that is the 200 day moving average of 1.24373. The price is not closed above the 200 day moving average since mid-September. A move above that level would have traders looking toward the 38.2% retracement of the move down from the July high at 1.3458. Above that is the 100 day moving average of 1.25122.

US stocks are expected to open sharply higher. The NASDAQ index is up around 250 points. The US yields are sharply lower with the two-year down around -15 basis points in the tenure down around -14 basis points

This article was written by Greg Michalowski at Source