IN the kickstart video for August 9, I take a look at three of the major currency pairs, the EURUSD, USDJPY and GBPUSD from a technical perspective
FOr the EURUSD it is trading up and down in trading today but did find resistance sellers against its 100 hour moving average at 1.09283. That remains to keep resistance on the topside. On the downside close support comes in near the Tuesday and Wednesday lows at 1.09029 followed by the 50% midpoint of the move up from the August low at 1.08922 and the 200-hour moving average of 1.08817.
The USDJPY moved above its 100 hour moving average at 145.957 yesterday, but remains below its falling 200 hour movie average at. 147.857. The price is trading between those levels at 146.72 as buyers and sellers battle it out for the next control bias. Overall, however, the sellers are still more in control below its 200 hour moving average.
The GBPUSD is in its own battle with the cluster of support defined by the 200-day moving average ,50% retracement, and 100-day moving average between 1.2657 and 1.2684 holding support this week. On the topside, a swing area between 1.2754 and 1.2777 held resistance on the bounce higher today. Those levels are confining and defining the range for the pair
This article was written by Greg Michalowski at www.forexlive.com.
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