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Price Signal Summary - Watching GBPUSD Support At The 20-Day EMA

OUTLOOK
  • In FX, the uptrend in EURUSD remains intact and price is trading above 1.0905, the 20-day EMA. The recent 1.1033 break, Feb 2 high, reinforces bullish conditions. Note that MA studies are in a bull mode condition, highlighting an uptrend. The bull trigger is 1.1076, Apr 14 high. The focus is on 1.1127, a Fibonacci projection and 1.1185, Mar 31 2022 high. On the downside, a break of the 20-day EMA would signal scope for a deeper retracement.
  • The GBPUSD uptrend remains intact. Attention is on support at 1.2382, the 20-day EMA. A clear break of this average is required to signal scope for a deeper correction. On the upside, a resumption of gains would refocus attention on 1.2546, the Apr 14 high, where a break would resume the uptrend and open 1.2599, the Jun 7 2022 high. Support below the 20-day EMA lies at 1.2345, the Apr 10 low.
  • The current short-term uptrend in USDJPY remains intact despite the pullback from Wednesday’s high. Resistance at 134.75, 61.8% of the Mar 8 - 24 bear leg, has been breached. The break strengthens the current bull cycle and signals scope for an extension towards 135.96 next, the 76.4% retracement. Initial firm support lies at 133.32, the 20-day EMA. Key short-term support is at 132.02, Apr 13 low. A break would be bearish.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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