In the kickstart video, for September 13, 2024, I take a look at three other major currency pairs – the EURUSD, USJDPY and GBPUSD.
For the EURUSD, it moved to a swing area between 1.10976 and 1.11042 and found willing sellers. That area will be a key resistance level today and going forward. Move above is more bullish. Stay below and the price could rotate back down toward its 200 hour moving average at 1.1058.
For the USDJPY, it fell to low of 140.358. That got within about 10 pips of in the December 2023 low of 140.25. Buyers leaned against the low and push the price back up. With a double bottom, is the bottom in place?. The price is trading above and below the low price from January 2, 2024 at 140.80. That was the low price for the year until Wednesday when the price move down to 140.70. Will that be a barometer for buyers and sellers today as well?
The GBPUSD traded above its 100 bar moving average on the four hour chart at 1.31395. That level will be a barometer for both buyers and sellers in trading today and going forward. On the downside watch the 200 hour moving average of 1.3110. Move below that level and I would expect further downside probing.
This article was written by Greg Michalowski at www.forexlive.com.
Source link
