Kickstart your forex trading on October 17 with a technical look at the technicals driving the EURUSD, USDJPY, and GBPUSD.
EURUSD:The EURUSD is trading lower after the better-than-expected retail sales and in the process fell back below the 100 and 200 hour moving averages near 1.0560. Stay below those levels keeps the sellers more in control. On the downside, there is a swing area between 1.0525 and 1.05316 that needs to be broken to increase the bearish bias.
USDJPY: The USDJPY moved higher after the stronger-than-expected retail sales and extended to a new session high but fell short of the highest from last week near 149.822. Get above that level would have traders looking toward the natural resistance at 150.00. Recall from earlier this month the price spiked above that level after the stronger-than-expected JOLTs data that fell over 280 pips on fears of Bank of Japan intervention potential. The 150.00 level will continue to be a difficult level due to the fear from traders of intervention. On the downside as long as the price can remain above the rising 100 hour moving average at 149.467, the buyers remain more in control technically.
GBPUSD:The GBPUSD traded to a new session low after the US retail sales and fell below a swing area between 1.2159 and 1.21673. Admittedly, the price traded above and below that area both yesterday and today. Nevertheless, watch that area for resistance on any rebound. A move above could see more short covering on the failure to increase downside momentum on the move lower. On the downside, there is a key support at 1.2105 – 1.21109. Moving below that area would increase the bearish bias and have traders looking toward the swing lows from October down to 1.20362.
This article was written by Greg Michalowski at www.forexlive.com. Source