The USD is mixed vs the major currencies to start the trading on June 17, 2024. In the kickstart video, I take a technical look at the EURUSD, USDJPY and GBPUSD.
For the EURUSD, the pair is higher on the day (lower USD) and is higher looking to test a key swing area between 1.0798 and 1.0734 . On Friday, the price fell below that swing area tilting device port to the downside. The low price reached the lowest level since May 1 but rebounded into the close on Friday. In trading today, the price initially moved lower but has since bounced back toward the key swing area.
The USDJPY is higher (higher USD) in trading today. The BOJ last week, passed on slowing the bond purchases (which is negative for the JPY – bullish for the USDJPY). The price is back above the high from May 30 at 157.708 (now support), and looks toward the high from Friday’s trade at 158.348.
The GBPUSD is lower (higher USD) and is back below a swing area between 1.26748 and 1.26858. Stay below that level, will keep the sellers more in control today and going forward. On the downside the 38.2% retracement of the move up from the April 2024 low comes in at 1.26455. Move below that, and the 100-day moving average comes in at 1.26386. Both of those levels are downside target if the price can remain below the aforementioned swing level above – keeping the sellers in control.
This article was written by Greg Michalowski at www.forexlive.com.
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