Low against the Tuesday high, helped the buyers push
The USDJPY moved up to the 105.00. upper channel trend line level and found sellers. Those sellers took the price back to the high from Tuesday at 104.86 and held.
More Technical Analysis
EURUSD Thu 27 Oct
Forex technical analysis: EURUSD tests the 200 hour MA and eases off
Continues to trade between the goal posts defined by the 100 and 200 hour MAs
Early in the Asian Pacific session today, the EURUSD fell and tested the 100 hour moving average (blue line in the chart below). At the time, the moving average came at 1.0889. The low price for the day reached 1.0891.
TECHNICAL-ANALYSIS Wed 26 Oct
The technical picture: Dollar moves back higher in NY trading
Mixed on the day
The EURUSD rallied in the early NY session and that rally saw the price move above the 200 hour moving average (green line in the chart above - currently at 1.09378). That was the first breach of that MA since last Thursday's quick break on ECB Draghi's press conference comments. The pair also tested the 50% of the move down from the same Draghi Day high (at 1.0944). That break FAILED.
EURUSD Wed 26 Oct
EURUSD making NY session lows and cracks a support level
Below the low from June 24 by a couple pips
The 1.0910 level is the low from June 24th. The price action in the EURUSD has been trying to hold that level on the move back lower today. We just fell below the line as London traders look to exit for the day. The pair is not running but there is a crack in the bullish bias today.
USDJPY Wed 26 Oct
Forex technical analysis: USDJPY tests target area
Resistance at 104.44-47 being tested
The USDJPY is up testing a key resistance area at the 104.44-47 area. Going back to Oct 12, there has been three tests and two breaks. The two breaks saw additional momentum, but ultimately failed. Yesterday the pair broke above, based against the level before surging to 104.86. However, that gain unraveled with the pair moving all the way back down to support near the 100 hour MA (blue line in the chart above) and trend line support (see blue circles in the chart above). That actually was a nice hold on the dips today. So there is a reason for the rally from a technical perspective. The question is "Will that continued above this key target area?"
EURGBP Wed 26 Oct
EURGBP falls to 100 hour MA area
61.8% retracement at the same area
The EURGBP has dipped lower and just tested the 61.8% retracement and 100 hour MA at the 0.89016-18 area. If you recall, yesterday, the pair moved above this MA line, and ran from it (to the upside). The peak extended above a topside trend line but failed. The price action has been up and down since that peak was reached.
EURUSD Wed 26 Oct
Forex technical analysis: EURUSD trying to base on correction, but...
Overhead resistance looms.
The EURUSD surged above the 100 hour MA early in the London session (blue line in the hourly chart below currently at 1.0893). That break back above that line (yesterday the MA was approached and found sellers) sent the pair surging higher, and tested overhead trend lines at 1.0928 and above that at 1.0938. The high price has come in at 1.09325 so far today. The pair also moved above the 1.0911-15 area. This area is where a swing low and high came in on October 20th and 21st.
FOREX-TECHNICAL-ANALYSIS Tue 25 Oct
Forex technical analysis: EURUSD reverses and tests 100 hour MA
New lows failed. Reversal moves toward 100 hour MA
The EURUSD fell in the the London session and NY morning session. That move took the price to new session lows at 1.0850. The low fell short of the next key target area defined by swing lows/highs going back to November 2015 to March 2016 period. The price fell below that area - mainly in November but again in January for a few days - but since January 7th, the price has traded above that area. The inability to get to that area (yellow area in the chart below) is a disappointment for the bears/sellers. And we saw that disappointment in the rally back higher this afternoon. That rally is taking the price to the 1.0910 area. That level on the daily chart is the swing low from June 2016. Key level to get above if the bulls are to take back more control. We are seeing sellers against the level though. The sellers seem to be leaning.
EURUSD Tue 25 Oct
EUR/USD threatens outside reversal
EUR/USD rises to two-day high
Another round of euro strength has helped it clear yesterday's high of 1.0899. The best level so far is only 1.0902 so it's hardly a definitive break out but if it manages to close above 1.0900 that would splash a minor outside day on the chart.
CRUDE-OIL Tue 25 Oct
Forex technical analysis: Crude oil tests lower support
The price is testing the lower of range since October 5th
Looking at the hourly chart of the Crude oil futures, the pair is looking to test the lower end of a range since October 5th. That range extends from around $49.70 to $52.20. Of note in the chart is how the last three trading days has had a lower ceiling - not against the upper limit but the 100 and 200 hour MAs at $50.77-82. There have been 4 tests of those MAs and each time, a move lower.
CABLE Tue 25 Oct
Cable breaks key intraday retracement level
GBP/USD now a full cent from the lows
The cable rebound has taken out the 61.8% retracement of the intraday plunge.
The tricky part here is the measurement. I've drawn the drop starting at 1.2235 but you could scale it from the top at 1.2241 and that would move the 61.8% level a bit higher. To be safe, you might want to see a break of 1.2186.
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