In the kickstart video for April 10, I take a look at three of the major currency pairs from a technical perspective – the EURUSD, USDJPY and GBPUSD.
In this report, I also take a quick look at the USDCAD after it’s stronger than expected April jobs report which showed a gain of 90.4K – the largest increase since January 2023.
The EURSUD was trading in a narrow 15 pip trading range coming into the US session, and has extended to the downside. However, the 100-day moving average at 1.07607 remains as a level that would need to get broken to increase the bearish bias. On the top side, is strong resistance at the 200 day moving average and 50% midpoint of the move down from the March high. That level comes in at 1.07906.
The USDJPY got within “spitting distance” of its 200 hour moving average support target in the Asian session, and found willing buyers against that level (the low reached 155.25 with the moving average at 155.21 at the time). The subsequent rise has now taken the price back up to 155.78. On the top side looms the high from yesterday’s trade at 155.95. Above that, the 50% of the move down from the April high (and highest level going back to 1990) comes in at at 156.029. That area is a key level for both buyers and sellers going forward.
The GBPUSD moved higher in the European session, but found willing sellers ahead of its key 200-day moving average at 1.25421 (the high price reach 125.40 just two pips short of that level). The subsequent move to the downside has the pair testing the low of a cluster of moving averages near 1.2517. Getting below that level would tilt the bias more to the downside for today and going into next week.
Finally, the USDCAD has moved lower after it’s stronger than expected Canadian jobs report. The move lower took price below its 200-bar moving average on the 4- hour chart at 1.3665. That is now resistance (stay below keeps the sellers in control). On the downside, the low price stalled at the April 26 and April 29 low at 1.3632. Going forward, it would take a move below that level to increase the bearish bias and have traders looking toward the low price from last week at 1.36096.