| What levels are in play for the EURUSD, USDJPY and GBPUSD and why? The new trading week is underway, with the EURUSD making a new cycle high and backing off. The USDJPY started below its 200 day MA after closing below that key level on Friday, but has moved back higher and looks toward the 38.2% of the range last week (and high from Friday). The GBPUSD has seen up and down action in that pair today. A new cycle high was made above an upside target at 1.2321, but the price backed off. A swing area at 1.2221 will be eyed as a close barometer on the downside today. The London dip did find support buyers near the level on the first look. Stay above keeps the buyers more in control. |
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EURUSD moves to a new high. Tests the July swing low at 0.99515
2022-11-04
The EURUSD is moving to a new session high and in the process is up testing one of my old favorite levels. The 0.99515 level. That level was the swing low back in July after the price broke below the parity level for the first time. In September the price moved down to test it, before breaking to the cycle low for the year. Last month, the pair used the level as a risk defining target as well. We are back testing it. A move above would have traders looking toward the parity level and then the falling 100 day MA at 1.00515. Hold below and traders will look toward 0.9898.
It’s FOMC Day:What technical levels are in play ahead of the rate decision? Be prepared!
2022-11-02
A technical look at some of the major currency pairs and why for your pre-FOMC preparation.
In this video Greg Michalowski of Forexlive, outlines the technical levels in play for some of the major currency pairs through the FOMC rate decision.
If you trade technically, the price action and technical tools applied to the price action, define the bias and the risk. Knowing what levels that are in play, allow traders to game plan in case they are wrong, to initiate trades after the news headlines, to look toward targets and to define risk levels.
This video outlines those levels for the EURUSD (0:48), USDJPY (3:51), GBPUSD (6.04) and USDCHF (7:46).
The EURUSD trades above and below the parity level as the market digests the ECB rate move
2022-10-27
The EURUSD, USDJPY and GBPUSD are analyzed in the morning forex technical report.
The ECB raised rates by 75 basis points as expected, but the bias is lower. The EURUSD is trading above and below the parity level with support target at 0.9951. ON the topside, the 100 day MA did a good job of stalling the rise at 1.0088. It would take a move above that level to give the buyers more control. Right now the sellers are more in control in the short term.
The USDJPY is seeing a rebound after a few days of technical selling (without intervention). Technicals led the way lower but today there is a rebound off the lows.
The GBPUSD moved to and through a swing area and backed off. There is good support starting at the 1.1495 area and down to 1.13595. On the topside getting back above 1.1598
Technical levels in the EURUSD control the price action
2022-08-24
The EURUSD tested a higher low area of support, then shot through the swing low from July 2022. That led to buyers into the London fixing that pushed the pair to the 100 hour MA and parity level. Sellers leaned. The price came back down.
Technical levels are controlling the flows in choppy price action.
The weekend Forex report for the week starting August 22, 2022
2022-08-21
In this weekend video, I review and preview the fundamental influences in the market and then look at the technicals in the market that are defining the bias, and risk with the focus on the major currencies vs the USD.
Bitcoin technical analysis and trade idea followup
2022-08-17
This is a follow up to a trade idea discussed and monitored on: https://www.forexlive.com/technical-analysis/bitcoin-technical-analysis-and-trade-idea-follow-up-respect-the-20-day-ema/
A pullback now should touch the 20EMA on the BTCUSD daily timeframe. This isn’t the first time the price has touched the 20 EMA, as the video shows. Previous pullbacks crossed it down. This pullback that missed it is significant. We wouldn’t adjust trade if not. This pullback should have reached a key price magnet, as it did before, and the fact that it hasn’t shows that bulls are eager to buy. Or early short covering or institutional sellers may not let short sellers reach that price target to shake them out. A technical sign raises doubts about our short trade.
BTCUSD 24816.27 technical analysis update for 15 Aug
2022-08-15
Bitcoin technical analysis update for 15 Aug: Following another "fakie" above the recent high and the 25k mark, bitcoin is testing the diagonal line, now acting as support. Watch for 4 hour candles to close above the recent high or below the VWAP (purple line). The stop loss of the original trade idea, presented in the video at the top of this page, is still active and has not been reached, despite the recent rally. When trading crypto, one must have healthy stops, rather than close or "obvious" ones that most others would set.
See the full thread of this technical analysis and trade idea, still alive, at: https://www.forexlive.com/technical-analysis/bitcoin-technical-analysis-bulls-might-be-giving-up-soon-20220813/
Bitcoin runs higher with risk on sentiment. What are the upside hurdles that lie ahead?
2022-08-10
A technical look at Bitcoin after a run higher today off the back of lower CPI and risk on sentiment.
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