The US morning forex technical report for November 18, 2022

In the morning forex technical report from Greg Michalowski, the markets are seeing some consolidation in most of the pairs into the US session.

The EURUSD EUR/USD The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, be The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, be Read this Term is battling around its 100 hour MA with the 38.2% holding support earlier this week on the downside and the 200 day MA looming above as a key resistance level that was broken this week, but could not sustain momentum.

The USDJPY USD/JPY The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting Read this Term is trading in a narrow trading range with buyers trying to hold support against its 100 hour MA in trading today. That level will be a barometer in the short term for the pair.

The GBPUSD found support yesterday vs the 38.2% of the last leg lower and bounced higher today. Although the price has traded above and below a swing area between 1.1865 and 1.1900, I still think it is a barometer for buyers and sellers for now.

The USDCAD trades between the 100 and 200 hour MAs and is awaiting the next shove.

The NZDUSD is the strongest of the major currencies and is trading to a new session high in early US trading.