USDCAD sellers take the price below key 100/200 day MAs tilting the bias to the downside

2023-06-02

In this video, Greg Michalowski from Forexlive.com takes a look at the technical levels that will be in play next week and explain why.

2023-05-31

The USDCHF is up sharply today extending above a swing area on the daily chart between 0.9081 and 0.91015. The break above that area then targeted a dual technical level on the daily chart defined by the 50% midpoint of the 2023 trading range, and the 100-day moving average. Both of those levels come in at 0.91297.

That key level has also been broken increasing the bullish bias on the daily chart. It has also set the level as a close risk level for buyers looking for more upside momentum (short-term stop on a break below 0.9144 – give it a few pips below that key level)..

Taking a look at the 4-hour chart there is a more conservative risk level in play that gives buyers a better stop level. I outline that level in the video below.

2023-05-30

The GBPUSD is surging to the upside in trading today, and in the process has seen the price extend above its 200-hour moving average at 1.23905. The high price has reached up to 1.2446 so far. That level took the price of the pair, just above a swing area high at 1.24454, but fell just short of the 38.2% retracement of the move down from the May 10 high at 1.24493. The price has backed off (seller’s leaning against the 38.2% retracement) with the low price reaching 1.24175. On the downside, for buyers looking for more corrective probing to the upside, it would take a move back below the 200-hour moving average at 1.23905. Conversely, for the sellers against the 38.2% retracement, staying below that retracement level is the risk now. Overall, the run to the upside today is strong in

2023-05-26

The 100 day MA near 1.2287.

The GBPUSD moved higher in trading today held by better-than-expected retail sales. The price extended up to and through the falling 100-hour moving average currently at 1.23839 (blue line in the chart above). The price also entered into a swing area that has a number of different swing lows and swing highs going back to the end of March (see red numbered circles). The momentum could not take the price above that swing area near 1.23974. The price rotated back to the downside. The better US data reversed the price even more as focus returned to the stronger US data (and higher inflation).

2023-05-24

Sellers tried to push the EURUSD to new lows and below a floor and key swing area but failed. The snapback rally the price back to the falling 100-hour moving average. That, along with the 100-day moving average of 1.0813 and the following 200-hour moving average of 1.08274 are tires that would need to be broken to increase the bullish bias from a technical perspective in the short term at least.   For now, sellers are in more control, but there is good support also near a key swing area on the daily chart 1.0750 area. The battle rages.

2023-05-21

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