Kickstart the FX trading day for Aug 5 w/a technical look at the EURUSD, USDJPY & GBPUSD

In the kickstart video for August 5, I take a look at the 3 major currency pairs, the EURUSD, USDJPY and the GBPUSD.

Focus today is on the sharp falls in stocks, the sharp falls in yields, and declines in other commodities as well. For the USD, the USDJPY is a huge mover to the downside, but is finding some support near a target swing level.

The EURUSD moved up to the natural target at 1.1000 and into a swing area between 1.0998 and 1.1016. That area has stalled the rise so far.

Finally, the GBPUSD has been less directional (i.e. lower dollar). In fact, the USD is higher vs the GBP to start the US session. The price is above the 38.2% of the move up from the April low after testing the lows from last week and finding support buyers. The 38.2% is at 1.27592. Watch down to 1.2754 for potential support. On the topside the 200 bar MA on the 4-hour chart comes in at 1.2806.

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