Sunday , 24 November 2024
Home Forex Kickstart the FX trading day for May 15 with a technical look at EURUSD, USDJPY & GBPUSD
Forex

Kickstart the FX trading day for May 15 with a technical look at EURUSD, USDJPY & GBPUSD

The US data today was on the slower side for inflation and growth (CPI, retail sales, NY Fed manufacturing index). That has the USD moving lower, yields moving lower and US stocks higher.

What has it done to the technicals for the 3 major currency pairs – the EURUSD, USDJPY and GBPUSD?

EURUSD: The EURUSD moved higher and in the process moved above the 100 day MA at 1.0823 and above the 61.8% of the move down from the March high at 1.08354. Those are close risk levels for buyers looking for more upside. For seller, getting back below the 100 day MA is required to get the technical bias more in favor of the sellers. On top there is resistance at 1.0875 – 1.0887.USDJPY: The USDJPY has moved back below its 100 bar moving average on the four hour chart at 155.52. On the downside, the 38.2% retracement of the move up from the March low comes in at 154.962. The price did move below the 38.2% but could not sustain momentum. Getting back below that level – and staying below – is critical for the sellers. Absent that,and there could be some disappointment.

GBPUSD: The GBPUSD moved back above the 100-day moving hours at 1.26327. The price also extended above the 50% midpoint of the 2024 trading range. That level comes in at 1.25957. Both those levels are barometers going forward for both buyers and sellers. Staying above keeps the buyers more in control.

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Your email address will not be published.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

CCI Histogram Volume MT5 Indicator

The world of financial markets can feel like a whirlwind of charts,...

Global Market Weekly Recap: November 18 – 22, 2024

Global markets rallied despite heightened Russia-Ukraine tensions, with gold and oil gaining...

FX Weekly Recap: November 18 – 22, 2024

Major currencies saw wild swings as Russia-Ukraine tensions escalated. Safe havens rallied...

Gold closes week above $2,700, US PCE data in Focus

Gold price rallies to a new two-week high on Friday during the...