November 08, 2024 at 02:07PM
EURUSD Update
Key Points
EURUSD moved higher yesterday but faced selling pressure at the 100-hour MA.
Breaking above the 100-hour MA and 200-hour MA is needed to confirm a bullish trend.
Today’s price action pushed down to a key swing area (1.07609-1.07767) and is now breaking below that area. Stay below is more bearish. .
A break below this area increase downward momentum, targeting election lows at 1.06819.
Trading Bias
Bullish: Above 100-hour MA and 200-hour MA
Bearish: Below 1.07609-1.07767 swing area
—————————————————
USDJPY Update
Key Points
USDJPY tested and broke below 100/200-hour MA yesterday but rebounded in the Asian session.
Price tested 61.8% retracement level (153.397) o fthe move down from July but failed to break above.
Subsequent re-break below 100/200-hour MA sparked increased selling.
Key support levels:
Swing area between 151.75 to 151.937
200-day MA (151.67)
Trading Bias
Bearish: Below 100/200-hour MA, targeting 151.67
Bullish: Above 153.397, confirming uptrend
Key Level to Watch
200-day MA (151.67)
—————————————————
GBPUSD Update
Key Points
GBPUSD is clustered around key Moving Averages (MAs):
100-day MA: 1.29921
100-hour MA: 1.29486
Other support swing level: 1.2938
Trading Bias
Bearish: Breaking below 1.2938 increases bearish bias and seller confidence.
Bullish: Sustaining above 1.29486 and extending above 1.2992 (100 day MA) confirms uptrend.
Market Analysis
Buyers failed to sustain above 100-day MA yesterday.
Sellers took control after 100-day MA stalled Asian high today.
Sellers now targeting break below 1.2938. Move below opens the door for the sellers to push to the downside.
Key Level to Watch
1.2938: Breakdown increases bearish momentum.
—————————————————
USDCAD Update
Economic Events
Canada Jobs Report
Details
Unemployment Rate: 6.5% (est 6.6%)
Employment Change: 14.5K vs 25.0K est.
Full and Part time employment:
Full-time Employment 25.6K vs +112.0K last month
Part-time Employment: -11.2K vs -65K last month
Technical Analysis
Support:
Swing area: 1.3833-1.3847
Breakdown target: 1.3813
Resistance:
200-hour MA: 1.3903
100-hour MA: 1.38912
100-bar MA: 1.3865
Trading Bias
Bullish: Sustaining above 200-hour MA and 100-hour MA.
Bearish: Breaking below 1.3833-1.3847 support.
Market Sentiment
Buyers have the edge
This article was written by Greg Michalowski at www.forexlive.com.
