In the kickstart video for September 20, 2024, I take a look at three the major currency pairs – the EURUSD, USDJPY and GBPUSD – from a technical perspective.
The EURUSD has traded up and down today but stayed below the 1.1184 – 1.11897 area. The 1.1184 level was initiated as a technical level going back to 2021. Other swing highs are going back to August up to 1.11897. The point is that buyers on Wednesday Thursday and Friday stalled near that area. The high price for the year reached in August extended up to the 1.1200 level. That will also be important on the topside. On the downside, the 100-hour moving average at 1.11338 is between a swing area between 1.1131 and 1.1140.
The USDJPY is being impacted by a dovish no change in policy from the Bank of Japan. At session lows today, the price moved down to test the 100 and 200-hour moving averages, and bounced as the decision was interpreted. It didn’t take long for the buyers to push higher and higher. Traders stalled the rally ahead of the 50% midpoint off the daily chart from the January 2023 low at 144.58. On the downside, traders will ID 50% of the move down from the September high to the September low at 143.35.
The GBPUSD moved to a new high going back to March 2022 and moved further into a swing area going back to that period between 1.3277 and 1.3358. The current price is trading at 1.3309. Also in play is the swing high going back to August which peaked at 1.3266. That level is close support in trading today.
This article was written by Greg Michalowski at www.forexlive.com.
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