The trading week in the foreign exchange market is off to a sluggish begin with modest trading ranges in the main foreign money pairs. In this video, I define the key ranges in play at present and going ahead for the EURUSD, USDJPY and GBPUSD and present why they’re key.
EURUSD: The EURUSD is mired in a very slim trading vary at present above and under a swing space between 1.0658 and 1.06669. On the high facet, there’s goal resistance close to 1.0687 adopted by the 100 and 200 hour transferring averages at 1.0697 and 1.0709 respectively. On the draw back, the swing low going again to the finish of May at 1.0635 was damaged final week however solely by a few pips to 1.06312. Those ranges would should be damaged to extend the bearish bias going ahead. If so the 38.2% retracement of the transfer up from the September 2022 low is available in at 1.06106.
USDJPY: The USDJPY bias at the worth above a swing space between 147.73 and 147.867 in trading final week however solely to a excessive of 147.945 earlier than sellers stalled the rally. In trading at present, the excessive worth in the Asian session stalled in opposition to the excessive of that swing space, and questioned to the draw back. For at present if the worth can keep under the 147.73 – 147.867, the rising 100 hour transferring common at 147.424 and the 200 hour transferring common at 147.277 could be the main draw back targets to get to and by way of to extend the bearish bias. Below that the 147.00 stage is a one other swing space that stalled the fall on Tuesday, Wednesday and Thursday of final week’s trading.
GBPUSD: The GBPUSD fell to a low at present of 1.23695. In doing so it examined the swing low going again to June 5 at the identical stage. Buyers leaned in the worth has rotated modestly to the upside. The excessive worth rotated to 1.2409 earlier than stalling. Technically, the 200 day transferring common at 1.24333 represents a key stage on the topside that if consumers are to take extra management at present and this week, they would want to get and keep above that transferring common stage. On the draw back, breaking under the 1.23695 stage would have merchants wanting towards the May 31 low at 1.23478. Below that the May 25 low at 1.2308 could be focused.
