In the kickstart video for July 19th, I take a look at the three major currency pairs – the EURUSD, USDJPY and GBPUSD.
The EURUSD has moved down continuing the decline from yesterday, and in the process tested its rising 200 hour moving average at 1.08794. That moving average will be a key barometer on the downside today and going forward. Moving below is more bearish. On the topside the 100-day moving average at 1.08073 will be a topside resistance target.
The USDJPY moved higher yesterday extending to a swing area near 157.45 and its falling 100 hour moving average currently at the same level. In training today the price action has been up-and-down choppy, moving above and below the aforementioned 157.45 level. The price is currently back above that level in early US trading. ON the upside the 38.2% retracement of the July trading range comes in at 157.87. That level was tested earlier today at session highs, and will be a key upside target that needs to be broken if the buyers are to take more control technically.
The GBPUSD moved to the highest level since July 19 this week, but backed off yesterday and into today as well. The move lower today got within sniffing distance of the March 8 high. That level comes in at 1.2893. The low price today came in at the natural support at 1.2900 and has found modest buying off of that target area. It would need a move below the 1.2893 level and the 38.2% retracement of the move up from the June 27 low at 1.287892 increase the bearish bias. On the topside, dip buyers would ultimately need to get a back above 1.3000 level to increase bullish bias and show that the break higher this week, was a failed one.
