December 09, 2024 at 01:46PM
The US stocks are mixed with the S&P and Nasdaq marginally lower while the Dow is marginally higher. European shares are mixed as well.
US yields are higher by close to 2 basis points (2 year up 1.8 bps at 4.116% and 10 year up 1.9 bps at 4.174%.
Gold is higher by $23 or 0.90% at $2656.40, silver is up 2.65% and Bitcoin is back below $100K at $99012 after peaking at $103,647 last week.
In the forex market, the USD is mixed with the USDJPY higher (USD higher), the EURUSD is little changed and the GBPUSD is higher (lower USD).
IN this video to kickstart the trading day, I take a technical look at the 3 major currency pairs – the EURUSD, USDJPY and GBPUSD.
EURUSD: The EURUSD fell in early trading today and in the process tested a key cluster of MAs including the 100 bar MA on the 4-hour chart and the 100 and 200 hour MAs. They come between 1.0530 and 1.0540. Move below would tilt the bias more to the downside today and going forward. On the topside, a swing area between 1.05926 to 1.06097 is needed to be broken to increase the bullish bias.
USDJPY: The USDJPY has moved above the 200 hour MA for the first time since November 22 at 150.35. Getting and staying above that level increases the bullish bias and will have traders looking toward a swing area between 151.198 and 151.27.
GBPUSD: For the GBPUSD, the support and resistance in trading today are using the 100 hour MA as support and the 200 bar MA on the 4-hour chart as resistance.
This article was written by Greg Michalowski at www.forexlive.com.
