In the kickstart video for April 2, I take a look at three other major currency pairs from a technical perspective - the EURUSD, USDJPY and the GBPUSD.
The EURUSD and the GBPUSD are both rebounding to the upside after sharp declines yesterday.
For the EURUSD it fell into a swing area between 1.0722 and 1.07314 yesterday and into the Asian session today, but rebounded off those levels over the last four or five hours of trading. The pair is approaching a swing level at 1.07605. Getting above that level is the minimum requirement if the buyers are to start to build more confidence. Absent that, the sellers remain in control.
For the GBPUSD, it fell outside of the value area that has gathered most of the price action since December between 1.2594 and 1.2800. The price also fell below its 200 day moving average at 1.25871. Staying below those levels are needed to disappoint the sellers on the break yesterday.
For the USDJPY, it moved above and away from its 100 and 200 hour moving averages at 151.426 yesterday. Those moving averages remain as a key downside support target. Staying above keeps the bias in favor of the buyers. A move below would probably disappoint the buyers. On the top side, the highs from 2022 (151.94), from 2023 (151.91), and from last week (2024 high at 151.967) represent the major targets that would need to be broken to increase both bias (and stay broken).
