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Price Signal Summary - Support In Cable Lies At The 20-Day EMA

OUTLOOK
  • In FX, the EURUSD remains in an uptrend and the pair is trading closer to its recent highs. A fresh high print Monday maintains the bullish price sequence of higher highs and higher lows and moving average studies continue to highlight positive market sentiment. Sights are on 1.0954, the Apr 11 2022 high. The 20-day EMA marks initial firm support - it intersects at 1.0754.
  • GBPUSD has pulled back from recent highs. The move lower is considered corrective. A broader bullish structure remains intact and moving average studies continue to highlight an uptrend. Earlier this week, price pierced resistance at 1.2446, Dec 14 high. A clear break of this hurdle would confirm a resumption of the uptrend that started late September 2022 and open 1.2506, the 1.382 projection of the Sep 26 - Oct 5 - Oct 12 price swing. Initial firm support is 1.2226, the 20-day EMA.
  • USDJPY trend conditions remain bearish and the pair is trading below 131.58, the Jan 18 high and the 20-day EMA, at 130.90. Recent activity still appears to be a bear flag formation, reinforcing the downtrend. A break lower would open 126.81, 1.382 projection of the Oct 31 - Nov 15 - 21 price swing. The bear trigger is 127.23, Jan 16 low. On the upside, clearance of 131.58 would be a bullish development and signal scope for a stronger correction.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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