In this morning video on November 13, 2023, I kickstart the Forex trading day with a technical look at the EURUSD, USDJPY and GBPUSD. What are the biases, the dangers, the targets for these three main foreign money pairs?
EURUSD: The EURUSD moved increased in the Asian and early European session right now. In the course of the worth moved above the 100-hour transferring common and the excessive of a swing space between 1.0674 – 1.0694. The excessive worth prolonged to 1.0700 earlier than rotating again to the draw back (a good spherical quantity). The fall to the draw back moved to the 38.2% retracement of the transfer up from the November 1 low to the November 6 excessive at 1.0664, and stalled. Getting beneath and staying beneath the 38.2 is required to present the sellers extra confidence/management. So consumers had a shot and sellers had their shot right now and each missed. The battle continues however the key ranges are understood.
USDJPY: The USDJPY continues its march to the upside. The worth is now up for six consecutive days as the pair traits increased and gained extra confidence above the 150.00 degree. That pure resistance degree was damaged on Tuesday of final week and has not appeared again. There is a development line connecting latest lows on the hourly chart that cuts throughout close to 151.71. That can be close to the finish of October excessive at the similar degree. Getting beneath that degree is the shut danger degree for consumers. It might also give sellers who really feel the market is overbought after 6 straight days to the upside, one thing to base a countertrend transfer on. But perceive, there’s extra work to do on a break of that degree to indicate that the sellers are extra in management. On the topside, there’s additionally the key resistance close to 151.93. That degree was the excessive worth from 2022 and additionally represents a multi-decade excessive for the USDJPY. Break above that degree and there shall be headlines about the break
GBPUSD: The GBPUSD moved as much as take a look at the converged 100 and 200 hour transferring averages close to 1.2259 and discovered keen sellers. The 1st take a look at was profitable The present worth trades round 1.2239. On the draw back, merchants shall be holding a swing space between 1.2219 and 1.22326 get and staying that degree would give sellers some hope for additional draw back momentum. So sellers are making a play towards the transferring averages. The query is can they hold the worth beneath these ranges and proceed the momentum to the draw back.
