| A technical look at the levels driving the bias for the major pairs. Do you want to get your "feet under you" from a technical perspective after the US jobs report? Take a look at this video for a review the levels in play for the EURUSD, USDJPY, GBPUSD, USDCAD and AUDUSD. The jobs report largely kept the pairs between support and resistance levels. That gives teachers the opportunity to wait for the next shove and run. Be aware. Be prepared. |
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The NZDUSD buyers tried to extend higher, but failed. What now?
2023-06-03
The buyers in the NZDUSD tried to break higher on Friday, moving above a key 200 hour MA on the hourly chart and swing level on the daily chart. However, momentum failed and the price rotated lower.
Prior to the rally on Thursday and Friday, the price did break below the 50% midpoint of the range since 2021 low on the daily chart opening the door for lower levels. That break also failed leading the snap back rally higher.
So for the week, the sellers had their chance, and the buyers had their chance. Both failed.
As a result, the price is back in a neutral area in the short term and waiting for the next shove.
Find out the key levels in play that will give traders clues in the new trading week.
What key levels are in play for the EURUSD ahead of the US jobs report
2023-06-02
As the market awaits the US jobs report, the EURUSD has positioned itself between key moving averages. On the topside the 100 day moving average and 38.2% retracement of the range since the April high is resistance near 1.0811. On the downside the 200 hour moving average 1.07312 and the 100 hour moving average 1.07151 would need to be broken to increase a bearish bias. The current price trades between the levels at 1.0763. Flip a coin. That is what the market is doing as it waits for the next shove.
AUDUSD is testing it’s a 200 hour moving average.
2023-06-01
A move – and close – above the 200 hour MA would be the first since May 11.
The AUDUSD is testing at 200 hour moving average of 0.65467. The high price reached 0.6548, and backed off on the first look. The current price is trading at 0.6537. The price of the AUDUSD is not trade/closed above it’s a 200 hour moving average since May 11. A break – and close above – would give buyers more confidence, and tilt the short-term bias in favor of the buyers. On a break above, the high price from Tuesday’s trade reached 0.6558. Above that and traders would start to look toward the 38.2% retracement of the May trading range. That level comes in at 0.65951.
Find out more in this video
USDJPY trades between hourly moving average levels. Await the next shove.
2023-05-31
The USDJPY is trading in a fairly narrow up-and-down trading range today. The low to high trading range is 75 pips. The average of the last 22 trading days (around a month of trading), is 117 pips.
Technically looking at the hourly chart below, the price low in the late Asian session approached the rising 200-hour moving average at 139.299 and found willing support buyers. The low price reached 139.307. The USDJPY price had not traded below the 200-hour moving average since May 12.
The subsequent move back to the upside, found willing sellers in the European morning session against its flattening 100-hour moving average currently at 140.07. The high price reached 140.055.
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