Sunday , 24 November 2024
Home Forex Kickstart the FX day. A look at the EURUSD, USDJPY and GBPUSD from a technical perspective
Forex

Kickstart the FX day. A look at the EURUSD, USDJPY and GBPUSD from a technical perspective

In the kickstart video, I take a look at the 3 major currency pairs:

EUR/USD Summary

The EUR/USD continued its downward trend due to concerns over slower economic growth and increased tariffs under President-elect Trump.

Key Points:

  • Initially rose in the Asian session, but sellers took control near 1.0665-1.06703 swing area. That area was the lows from back in June.

  • Staying below the lows from June kept the sellers in control

  • Reached a low of 1.0606, testing April’s swing lows and the year’s lows (since October 2023). A move below the 1.0600 increases the bearish bias.

  • Buyers may lean against the low as risk can be defined and limited against the level with stops on a break below.

——————————————-

USD/JPY Summary

The USD/JPY exhibited volatility, with potential bullish signals.

Key Points:

  1. Rose yesterday, then stalled between 153.59-153.88 (swing area).

  2. Found support at 153.397 (61.8% of July’s move down).

  3. Broke above 153.88 (bullish signal).

  4. Next targets: 154.54-155.09.

Outlook:

Bullish Scenario

Stay above 153.88, targeting 154.54-155.09.

Bearish Scenario

Move below 153.397 increases short-term bearish bias.

————————————————–

GBP/USD Summary

The GBP/USD fell, breaking below two-week lows and the 200-day MA.

Key Points:

  1. Broke below last week’s low (1.28329) and 200-day MA (1.28178).

  2. Reached 1.27915, then bounced.

  3. Traded above and below 200-day MA.

Outlook:

Bullish Scenario

Move above 1.28329, 1.2844, and 1.2866 (50% of April’s move) indicates buyer strength.

Bearish Scenario

Stay below 1.28329 and 1.2844 maintains seller confidence; breaking below 200-day MA again confirms bearish trend.

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

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

FX gaps remain in early Tokyo trade

Early FX rates were posted here:Monday morning open levels - indicative forex...

Reserve Bank of New Zealand rate cut expected on Wednesday 27 November – preview

The Reserve Bank of New Zealand is widely expected to cut its...

New Zealand Q3 retail sales -0.1% q/q (expected -0.5%)

Retail sales in the third quarter in New Zealand were expected to...

Weekend – Trump nominated Scott Bessent to serve as Treasury Department secretary

Bessent and ex-Fed Warsh were two front runners, Bessent has been given...