To kickstart your trading day, week, month and quarter in the Forex on Octoebr 2, 2023, I take a look at the EURUSD, USDJPY, and GBPUSD from a technical perspective. Below is a verbal summary of the video details:
EURUSD: The EURUSD fell and closed below a key swing area between 1.0483 and 1.0533 yesterday. In trading today, the EURUSD is trading in a narrow range but is currently below the 1.0483 level. In addition to getting above 1.0483, moving back above the low from last week at 1.0487 would probably be needed to disappoint the sellers going forward. As long as the price action can do that, the sellers have nothing to worry about and remain in firm control.
USDJPY: With US yields continuing to tick higher with the 10 year at 16 year highs, the USDJPY is also moving higher. The USDJPY price traded to a new high today of 149.97 just short of the natural resistance at 150.00. Get above that natural resistance level, and there is not a lot of resistance until 150.77. On the downside, it would take a move back below the high price from last week at 149.699 to give sellers some hope. Below that, the rising 100-hour moving average at 149.506 is another required level to get below to give sellers some control back from the buyers in the short term.
GBPUSD: The GBPUSD is down for the 3rd consecutive day and trading at the lowest level since March 16. In trading today, the prices dipping below the 38.2% retracement of the move up from the September 2022 low. That retracement level comes in at 1.20763. The best case scenario for the sellers today would to be to stay below that level and continue to move to the downside. Absent that, and a move back above the low price from last week at 1.21109 would be required to give the dip buyers some confidence/confirmation that the buyers are calling back some control in the short term.
This article was written by Greg Michalowski at www.forexlive.com. Source