The morning forex kickstart video for February 9, 2024, takes a detailed look at three of the major currency pairs – the EURUSD, USDJPY and GBPUSD.
The USD are moved to lower after the CPI revisions, but hasn't since recovered.
Technically, the USD selling took the EURUSD to the 50% midpoint of the move up from the October low at 1.07936, and found sellers. That level will be a barometer for both buyers and sellers in trading today.
THe USDJPY extended above the January high at 148.80 and the Monday high at 148.88 yesterday on its way to a new high for the year at 149.569. The correction off of the CPI data bottomed at 149.00 (a nice round number) and has moved higher. Going forward the 148.80 – 148.88 area will be the key short term barometer for buyers and sellers. Staying above is more bullish
The GBPUSD moved back into the red box defined by the ups and downs from mid-December between 1.2600 and 1.2800. Trading back within that range disappoints the sellers on the break earlier this weekend also yesterday, and tilts the bias more to the upside for traders today. Staying above 1.2600 is more bullish.
