The new trading week is underway and the US dollar is moving higher. In this video, I take a look at the technicals that are driving the EURUSD, USDJPY, and GBPUSD.
EURUSD: The EURUSD stalled against its 100-hour moving average on Thursday and Friday. That moving average currently comes in at 1.0663 and will be a risk/bias-defining level for traders this week. With the price currently at 1.0627, if that risk is too high, traders can look toward closer in levels. There is a swing level at 1.0635 which may give traders in the short term a risk and bias-defining level as North American trading gets started. On the downside, the 38.2% retracement of the move up from the September 2022 low is key at 1.0610 today and going forward.
USDJPY: The USDJPY is following US yields higher and traded at the highest level since early November 2022. The pair is approaching a swing-high area from October 31 to November 1 at 148.82. Get above that level and it opens the door for further upside momentum.
GBPUSD: The GBPUSD continues to step lower, and enters a swing area on the daily chart between 1.2187 and 1.2227. The current price trades at 1.2217. Move below 1.21877 and traders will start to look toward the 38.2% retracement of the move up from the September 2022 low. The level is still always away at 1.2076, but still represents the next major target on the daily chart given further downside momentum