In the May 22, 2024 Getting Started video, I look at three of the major currency pairs from a technical perspective: EURUSD, USDJPY, and GBPUSD.
For EURUSD, price fell below its 200 hour moving average at 1.8%, a retracement of the decline from the March high at 1.08354. The level will now be a key short-term barometer for this pair. On the downside, the 100-day moving average of 1.08157 appears as key support. Price trading above and below this moving average ahead of last week’s CPI report sent the pair higher. Know.
USDJPY moved above a swing zone at 156.28, reinforcing the bullish bias. The price is trading to new highs for the day in early US trading and its highest level since May 14, when the price finally reached 156.752. This is the next bullish target on the path to further momentum. Stay above 156.28 buyers and control.
GBPUSD rose after CPI data came in stronger than expected. The high price route extended up to 1.27602 before turning lower. The low price reached 1.26993 (just below natural support at 1.2700). This is a few pips from the rising 100-day moving average currently at 1.26964. Staying above the 100-day moving average keeps buyers in play and in control. Yesterday, this moving average was also tested and found supportive buyers.
cnbctv18-forexlive
