The kickstart FX video takes a look at the 3-major currency pairs AND USDCAD after jobs.

EURUSD Update

Key Points

• EURUSD moved higher yesterday but faced selling pressure at the 100-hour MA.

• Breaking above the 100-hour MA and 200-hour MA is needed to confirm a bullish trend.

• Today’s price action pushed down to a key swing area (1.07609-1.07767) and is now breaking below that area. Stay below is more bearish. .

• A break below this area increase downward momentum, targeting election lows at 1.06819.

Trading Bias

• Bullish: Above 100-hour MA and 200-hour MA

• Bearish: Below 1.07609-1.07767 swing area

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USDJPY Update

Key Points

• USDJPY tested and broke below 100/200-hour MA yesterday but rebounded in the Asian session.

• Price tested 61.8% retracement level (153.397) o fthe move down from July but failed to break above.

• Subsequent re-break below 100/200-hour MA sparked increased selling.

Key support levels:

• Swing area between 151.75 to 151.937

• 200-day MA (151.67)

Trading Bias

• Bearish: Below 100/200-hour MA, targeting 151.67

• Bullish: Above 153.397, confirming uptrend

Key Level to Watch

• 200-day MA (151.67)

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GBPUSD Update

Key Points

GBPUSD is clustered around key Moving Averages (MAs):

• 100-day MA: 1.29921

• 100-hour MA: 1.29486

• Other support swing level: 1.2938

Trading Bias

• Bearish: Breaking below 1.2938 increases bearish bias and seller confidence.

• Bullish: Sustaining above 1.29486 and extending above 1.2992 (100 day MA) confirms uptrend.

Market Analysis

• Buyers failed to sustain above 100-day MA yesterday.

• Sellers took control after 100-day MA stalled Asian high today.

• Sellers now targeting break below 1.2938. Move below opens the door for the sellers to push to the downside.

Key Level to Watch

• 1.2938: Breakdown increases bearish momentum.

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USDCAD Update

Economic Events

Canada Jobs Report

• Details

• Unemployment Rate: 6.5% (est 6.6%)

• Employment Change: 14.5K vs 25.0K est.

• Full and Part time employment:

• Full-time Employment 25.6K vs +112.0K last month

• Part-time Employment: -11.2K vs -65K last month

Technical Analysis

Support:

• Swing area: 1.3833-1.3847

• Breakdown target: 1.3813

Resistance:

• 200-hour MA: 1.3903

• 100-hour MA: 1.38912

• 100-bar MA: 1.3865

Trading Bias

1. Bullish: Sustaining above 200-hour MA and 100-hour MA.

2. Bearish: Breaking below 1.3833-1.3847 support.

Market Sentiment

Buyers have the edge

This article was written by Greg Michalowski at www.forexlive.com.



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