In the kickstart video for July 3, 2024, I take a look at three the major currency pairs from a technical perspective – the EURUSD, USDJPY and GBPUSD. What is the price action telling traders about the technical bias, the risk, and the targets as the clock ticks toward the early closing stocks and bonds today and the US Independence Day holiday tomorrow.
Of course in the UK, the voters will go to the polls tomorrow, with the opposition party Labour, expected to take control. The GBPUSD is higher ahead of that election with the price moving above the 200 bar moving average on the 4-hour chart. Recall from last week the price held resistance against that moving average. The moving average currently comes in at 1.27144. Staying above is more bullish.
The EURUSD is also moving higher in early North American trading with the price extending to new highs for the trading week. Although higher, there is a cluster of resistance defined by the 200-day moving average, the 100-day moving average, the 200-bar moving average on the 4- hour chart, and a sewing area all between 1.0787 and 1.08036 as a key hurdle to get through to increase a bullish bias. That cluster may slow the rally.
The USDJPY continues its trend move to the upside as it approaches 162.00 the highest level since 1987. The price remains comfortably above its 100-bar moving average on the 4-hour chart at 161.207. If the price cannot get below that moving average (it hasn’t traded below it since June 14), the buyers are still winning. The sellers are NOT winning.
Find out all about it including the bias, the risks, and the targets for the three major currency pairs in the above video
This article was written by Greg Michalowski at www.forexlive.com.
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