In this video, I take a look at the three of the major currency pairs from a technical perspective. the:
- EURUSD
- USDJPY, and
- GBPUSD
On Monday, the EURUSD moved lower and in doing so, is moving closer to its rising 100-hour moving average currently at 1.1143 (the price is currently at 1.11615). That moving average will be a key barometer for the pair in the new trading day. Stay above is more bullish. Move below is more bearish
The USDJPY moved lower at this time yesterday to start the trading week, but rotated back to the upside as yields moved marginally higher in the US yesterday. The rise has taken the price of the USDJPY above a swing area on the hourly chart between 144.038 and 144.447. If the price can stay above that area, traders will look toward the falling 100-hour moving average 145.198 as the next upside target. Recall from last week, the price was able to get above that 100 hour moving average, but could not extend above the higher 200-hour moving average. Getting above both of those moving averages will needed toincrease the bullish bias in trading this week. Absent that, and the sellers remain more in control.
The GBPUSD moved above the 2023 high price at 1.3145 during yesterday’s trading and remains above that high to start the new trading day. If the price can stay above that level, the price momentum would have traders looking toward the 1.32977 as the target (call it 1.3300). Conversely, a move below 1.3142 could disappoint the buyers and have traders looking back toward the high price from July near 1.30439. Also in play is its rising 100 hour moving average of 1.3118. The price has not traded below its 100-hour moving average since August 15.
This article was written by Greg Michalowski at www.forexlive.com. Source