In the kickstart video, I take a technical look at the three major currency pairs - the EURUSD , USDJPY and GBPUSD.
EURUSD:
Key Levels:
100-hour moving average: 1.0807 (support)
200-hour moving average: 1.0836 (resistance). Get and stay above is needed to increase the bullish bias
A break higher would target the 200-day moving average: 1.0870 (next target). The 61.8% of the range since the June low is at 1.08746 increasing that areas importance going forward.
Move below the 1.0810 and the the 100 hour MA at 1.0807 and the swing low (August 1)at 1.07767 would be targeted. (support)
Current Situation:
EURUSD broke above 100-hour moving average, indicating short-term bullish bias.
Price testing 200-hour moving average, encountering resistance.
Buyers and sellers are battling between hourly moving averages.
Next Moves:
Break above 200-hour moving average needed to strengthen bullish bias.
Break below 100-hour moving average and swing low could lead to further decline.
USDJPY
Key Levels:
Swing area: 151.856-151.937 (resistance)
200-day moving average: 151.407 (support)
61.8% retracement (July high): 153.397 (resistance)
Move below the 200 day MA and the 50% retracement (broken) is the next target at 150.757 (support)
Move below the 50% and the 100-day moving average: 150.612 (support)
Current Situation:
USDJPY testing trades above and below swing area near 151.90
Price bouncing within swing area, indicating indecision.
Trading range is modest, suggesting potential for breakout.
Next Moves:
Break above swing area and 61.8% retracement would fuel upside momentum.
Move below 200-day moving average could strengthen bearish bias, targeting 50% retracement and 100-day moving average.
Additional Insights:
Quiet trading on Fridays may lead to range-bound activity.
Momentum away from swing area could trigger next directional move.
GBPUSD
Key Levels:
100-day moving average: 1.29678 (support)
Psychological resistance: 1.3000 (resistance)
Falling 100-bar moving average (4-hour chart)becomes a target on the break of 1.3000. That level comes in at 1.3043 (resistance)
50% midpoint of range (August low) is also in play above at 1.30488 (resistance)
A move below the 100 ay MA at 1.29678 would target a support swing level at 1.2938 (support)
Current Situation:
GBPUSD broke below 1.2938 support, then reclaimed it.
Price trading above and below 100-day moving average but not above and moving toward 1.3000.
Resistance at 1.3000, a key psychological level.
Next Moves:
Break above 1.3000 and falling 100-bar MA could target 1.30488.
Fall below 100-day moving average and 1.2938 support could lead to further decline.
Additional Insights:
Price action suggests indecision, seeking direction.
Clearing 1.3000 resistance could shift bias to bullish.
Failure to hold above 1.2938 support may increase bearish pressure.