On this morning video on October 23, 2023, I kickstart the Foreign currency trading day with a technical have a look at the EURUSD, USDJPY and GBPUSD. What are the biases, the dangers, the targets for these three main forex pairs?

EURUSD: The EURUSD has moved as much as check the swing period between 1.0608 and 1.0616. The 50% retracement of the transfer down from the September excessive is at 1.06087. The 38.2% retracement of the longer-term transfer up from the September 2022 low to the July 2023 excessive is available in at 1.06108. That cluster of resistance shall be a barometer for each consumers and sellers as we speak and going ahead. Transferring above is extra bullish. Staying under and a rotation again towards the 100-hour transferring common and 38.2% retracement at 1.05709 and the 200-hour transferring common at 1.05654 can be targets to get to and thru to extend the bearish bias.

USDJPY: The USDJPY is mired inside a slim buying and selling vary with the 150.00 degree offering resistance on the highest aspect and the rising 100 hour transferring common at 149.813 offering help on the draw back. Sooner or later, the 19 PIP buying and selling vary shouldn’t be gonna maintain – there shall be a break with momentum both increased or decrease. That’s the hope. The issue is the 150.00-itis (i.e. concern) is actual (concern of BOJ).

GBPUSD: The GBPUSD trades between the 100 hour transferring out under at 1.2152 and the 200 hour transferring common above at 1.21856. Though the value has traded under the 100 hour transferring common, the momentum couldn’t be sustained. So you’ll be able to argue that sellers had their shot and missed. Having mentioned that getting and staying above the 200 hour transferring common continues to be required.