What key levels are in play in the new trading day
EURUSD: The EURUSD traded lower on the day (-43 basis points). However for the New York session, the price traded above and below the 61.8% retracement of the move up from the September 25 swing low at 1.16952 in a narrow trading range. The high reached 1.17065. The low extended to 1.1688 (18 pips). In the new trading day, a swing area exist between 1.16836 and 1.1693. If the price is to continue to move lower, getting below that area would be the next target to get to and through. If the price can’t move below that level a swing level above between 1.1719 and 1.17308 would be the upside target.
GBPUSD; The GBPUSD swung back to the downside in trading today and is testing a swing area between 1.2890 and 1.2901. The low for the day reach 1.28892. The current price is trading at 1.28975. A move below 1.28904 would have traders targeting the low for the week from Wednesday’s trade at 1.2862. Get below that level, and the low from October 7 at 1.28428 and the rising 100 day moving average (at 1.28340) would be key targets.
USDJPY: The USDJPY it is trading near its high for the day at 1 of 5.455. The high price reached 105.488. The move to the upside was able to get above its 100 hour moving average at 105.387. Stay above that level is the most bullish scenario for buyers. On the topside, the high price from yesterday reached 105.511. The 50% retracement of the move down from the October 7 high comes in at 105.566 and the 200 hour moving average comes in at 105.605. Those are the targets on further upside momentum to get to and through. If the 100 hour moving average is broken at 105.387, a move back toward swing levels between 105.236 and 105.257 will be the next downside target.
AUDUSD: THE AUDUSD fell below its 100 day moving average for the 1st time since May 18, 2020. The low price extended to 0.70557 before bouncing higher in the New York session. The current price is trading right at the 100 day moving average at 0.70916. The 61.8% retracement of the move up from the September 25 high is just above that level of 0.70966. If the price is going to probe more to the upside, getting above the 0.70966 level would be needed (call it 0.7100). Failure to do that and sellers will likely push further away from its 100 day moving average and start to look toward the 0.7000 level as a target.
NZDUSD: The NZDUSD fell to a low price today of 0.65755. That was just above the 100 day moving average at 0.6575. Also right near that level is the 61.8% retracement of the move up from the September 24 low to the October 14 high. That level comes in at 0.65762. The tumble over the last 2 days did find buyers against those dual target levels. The price rebounded back toward the 0.6600 area into the close and the 50% midpoint of the same range at 0.65963. Get above the 0.6600 level and it should be further upside probing. On the downside moved below the 100 day moving average and 61.8% retracement and the sellers will push lower.