Remember.... you should be shopping or enjoying family anyway
Although, you should be shopping or enjoying family, there is a heart beat in the forex market. As a result, why not take a quick look at some of the major pairs technically.
EURUSD:
I wrote yesterday that the pair had resistance above at the 100 bar MA on the 4-hour chart and support below at the 200 bar MA on the 4-hour chart AND the 100 day MA. Today, that is the same strategy.
Looking at the 4-hour chart above, the 100 bar MA is stalled the high yesterday and is currently at 1.10996 (call it 1.11000). On the downside, the lows from yesterday and the today have stalled ahead of the 200 bar MA on the 4-hour chart at 1.10665. The 100 day MA is at 1.10602 (also in the mix is the 61.8% between the two lower MAs at 1.10638).
At some point (it might be after today sometime) the price should get out to the ranges. Until then, the traders that are playing around in the market, seem to be using those levels as ones to lean against (with stops likely on a break is my guess).
GBPUSD:
The GBPUSD on the hourly chart below, stalled at a lower channel trendline yesterday and bounced (see post here).
Today the lowr trend line is much lower at 1.28578. If the pair is to continue to move lower, getting below the low from yesterday is step one at 1.29039. A break of it (and the 1.2900 natural level) may see the pair start to track toward that lower trendline.
The pair is currently trying to find some support at the 1.2941 to 1.2950 area (see yellow swing area). A move higher from that area (and staying above) may look toward the falling topside trend line and then the falling 100 hour MA at 1.30136.
USDJPY:
The hourly chart of the USDJPY may have that heartbeat stop. The 100 hour MA, the 200 hour MA and a downward trendline are all converged at the 109.42 area. The price is just below that level at 109.40. The low to high trading range is only 11 pips. Doctor....check the pulse.
Overall, the price action is still in a consolidation of the run up from the news of a trade deal with China from December 12. The corrections off of that run higher stalled near the 38.2% on December 13. On December 19, the price dipped below that level (and the low from December 13) but stalled ahead of the 200 hour MA. The 200 hour MA has since marched higher to join the 100 hour MA
At some point down the road, the price will move away from these levels.
USDCAD:
The USDCAD based at the 100 hour MA both yesterday and today (blue line) and moved above its 200 hour MA today (green line). The price reached up to a topside trend line at 1.3170 is a target on more upside, if the 200 hour MA can now hold support. If not, it is may be back toward the 100 hour MA below.
