Kickstart the FX trading for Oct. 16 with a technical look at the EURUSD, USDJPY & GBPUSD

In the kickstart video for October 16, I take a look from a technical perspective at the EURUSD, USDJPY and GBPUSD. What next?

EURUSD: The EURUSD on Monday moved and stayed below its 100-day moving average at 1.0936. The subsequent fall meandered its way down to a low today of 1.08744. That was just above the targeted 200-day moving average of 1.08729. Buyers leaned and pushed the price back up to the low of a swing area and natural resistance at 1.0900. That sets the close support resistance for the pair today and going forward. Move back above 1.0900 and 1.0913 would give buyers more reason to target the 100 day moving average once again at 1.0936. Conversely, a move below the 200-day moving average and staying below that level would have traders looking down toward 1.08248 followed by the early August low at 1.0777.

USDJPY: The mid-August high in the USDJPY peaked at 149.356. Last week, the price moved above it to a high of 149.55 but failed. This week the price has once again moved above that level extended to a high of 149.974 just short of the natural resistance at 150.00 before reversing back to the downside. The price moved back below the the August high at 149.356 and has traded above and below that level with most of the price action below the level. The price is currently back above as buyers try to take back more control. If they can stay above, the bias is shifting more to the buyers once again.

GBPUSD: The GBPUSD fell below 1.3000 on lower CPI earlier today, but as bounced and traders and and using the natural level as support. A move back below the level would have traders targeting the rising 100 day moving average and 61.8% retracement of the move up from the August low at 1.2956 area. Conversely, if the price cannot get below the 1.300 level, a move back toward the 50% midpoint at 1.30488 would be targeted.

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