Speaking of dodging bullets, the EURUSD, GBPUSD, & USDJPY went to the edge and backed off | Forexlive

The broader US stock indices are trying to dodge a bearish bullet on the rebound back to the upside help by Fed’s Bostics comments. The EURUSD, USDJPY and GBPUSD are also trying to dodge it’s own bullets.

EURUSD:

Looking at the EURUSD, the low price reached 1.0576. That was the low of the swing area between 1.0576 and 1.05853. Moving below that level would have increased the bearish bias for the EURUSD (see post here). Instead the price has rotated back to the upside and looks back toward the 100 hour moving average 1.0603 – and above that – the 200 hour moving average 1.06171. If the pair is able to get up above those levels, it would tilt the short term bearish bias back in favor of the buyers.

USDJPY:

Looking at the USDJPY, it moved back above its 100 day moving average 136.901, and approached the high price for the day at 137.097. The 200 day moving average is above that 100 day MA at at 137.234. However, the Bostic comments have since pushed the price back below the 100 day moving average, dodging that bullish bias shift. The current price trades at 136.71. What now? On the downside the rising 100 hour moving average at 136.308 is the next key target to get to and through if the bias is to start a short-term shift more to the downside. That level is still 40 or so pips away, but the price is also back below the 100 day moving average. The battle continues between sellers against the daily moving averages and buyers against the 100 hour moving average (and below that the 200 hour moving average – green line).

GBPUSD:

The GBPUSD moved back down to test its 200 day moving average of 1.19706. That was also near the low price from Monday near the same level. That low could not be broken, however, and the price has since moved back to the upside and trades at 1.1951. The next key target to get back above includes the 100 day moving average at 1.1968. IF the GBPUSD can get above that moving average, it would avert closing below that key MA level for the first time since November 9.

The EURUSD, USDJPY and GBPUSD are all trying to dodge a dollar bullish technical tilt on their respective charts. Will it be enough to tilt the USD buyers into sellers going forward? We will see if the aforementioned targets in each pair can now be reached and rebroken.