Kickstart the FX trading day for Oct 21 w/ a technical look at the EURUSD, USDJPY & GBPUSD

As the new trading week begins, the USD buyers are exerting their control.

EURUSD: The EURUSD sellers (USD buyers) are moving away from the 100 hour MA at 1.08623, the 200 day MA at 1.0871, the 61.8% of the move up from the end of June low at 1.08746. The current prices trading at 1.08539. If the buyers are to start to take back more control, they first need to get above the 100 hour moving average and then the 200 day moving average and 61.8% retracement respectively. Absent that in the buyers are losing. The sellers are winning and the path of least resistance is to the downside.

USDJPY: The USDJPY has been within a range of 148.835 and 150.316 of the last seven trading days. That dynamic has allowed the 100 and 200-hour moving average to catch up with the price. On Friday, the price fell back below its 100-hour moving average and stayed below it in the early Asian session today. The push lower extended below its 200-hour moving average for the first time since October 2. However, momentum cannot be sustained toward the low of the recent range and buyers returned pushing the price back above the moving average levels. Going forward, it would take a move back below the 100-hour moving average at 149.61, and the 200-hour moving average at 149.373 to tilt the bias back in favor of the sellers. Absent that, and the buyers are in control

GBPUSD:The GBPUSD started the day trading above and below its 200-hour moving average, but then sellers push the price lower and also below its 100-hour moving average of 1.30283. The price is just below that 100-hour moving average at 1.3026. Nevertheless, if the buyers are to take control they still need to get above both those moving averages. Absent that in the sellers are in control.

This article was written by Greg Michalowski at www.forexlive.com.