| EURUSD, USDJPY, GBPUSD, USDCAD and NZDUSD all covered. In the morning forex technical report from Greg Michalowski, the markets are seeing some consolidation in most of the pairs into the US session. - The EURUSD is battling around its 100 hour MA with the 38.2% holding support earlier this week on the downside and the 200 day MA looming above as a key resistance level that was broken this week, but could not sustain momentum. - The USDJPY is trading in a narrow trading range with buyers trying to hold support against its 100 hour MA in trading today. That level will be a barometer in the short term for the pair. - The GBPUSD found support yesterday vs the 38.2% of the last leg lower and bounced higher today. Although the price has traded above and below a swing area between 1.1865 and 1.1900, I still think it is a barometer for buyers and sellers for now. - The USDCAD trades between the 100 and 200 hour MAs and is awaiting the next shove. - The NZDUSD is the strongest of the major currencies and is trading to a new session high in early US trading. |
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