Forex Trading Insights: Key Levels for Major Currency Pairs 1-25-24

Introduction

  • Coaching call on forex trading and analysis of major currency pairs

Key Points Discussed

  • Dollar holding above minor quarter level after initial rejection at 20 period moving average
  • Euroidea needing to hold support to avoid dropping to 108
  • UJ idea resting on 50 period moving average, needs to clear 147,500 for more upside

Updates on Specific Currency Pairs

  • EUR/USD holding 20 period MA, eyeing push to 148 next
  • GBP/JPY below 20 period MA, needs to clear 188 for more upside
  • EUR/JPY wrestling with 50 period MA, needs to clear minor quarter level
  • CAD/JPY dropping on rate news, resting on 109 support and 100 period MA
  • AUD/JPY holding 97 support and 200 period MA
  • NZD/JPY holding 90 and 200 period MA support

Conclusion

  • More news tomorrow, will watch for reactions in forex pairs
  • Recap of key levels to watch in major pairs

Transcript 

So our points of emphasis today for the coaching call was on the fact that the dollar needed to hold into above the minor quarter level here. So this minor quarter level as well as weekly open, it was initially rejected here at the 20 pair moving average.

But we’re saying as long as it holds here, it should be perfectly fine. We do see here that it is now back above the 20 period moving average.

We also see here for the UC idea.

We were talking about this idea making it above this minor quarter level here. If it did not make it above this minor quarter level here of 135, 250, then it will pull back to this major wildcard level in order to push back up. And so it is now above that area.

So we’ll see kind of when the morning comes around, because we do have news tomorrow as well as on Friday as well. So we’ll see kind of how that shapes up.

We also talked about with GU how important it was when this was lost.

So when this major quarter level here was lost, we talked about how important that level was as far as that 127, 500.

And then for the EU idea, we talked about this one being underneath all of its moving averages and that it would indeed need to hold in order for the price to not make it back down to the lows at 108 mid how it had seen before.

We also talked about the UJ idea and how that was resting upon is 50 and how it needs to get above this major quarter level here of 147 500.

It has indeed done that. And it is also right now, right at this intersection of this minor quarter level of 147 750 and the 20 period moving average as well. So with both of those being right here for this idea, this idea is currently resting upon both of those, it can still pull back to this major quarter level of 147 500 and continue to push backup.

And so the next level that we are on watch for, this one is a hold of the 20 pair moving average and then the push to 148. That’s what we’re looking for next is the push to148. And after that, we are looking for it to make it back up to weekly open again.

We do have news for that tomorrow morning as well as Friday morning also. And so we’ll continue to keep our eye on that as well as all of the rest of our yen pairs.

And so this one underneath the 20, we talked about how this one needed to get back above its 20 and get over that 188 area for the GJ idea.

For the EJ idea, we talked about how this one was wrestling upon its 50. But it needed to get back above this minor quarter level. Also, its 20 pair moving average as well.

For the CJ idea, we talked about how this one was dropping as a result of the news that came out today for them continuing to keep their rates the same. So now it is resting upon 109, which is also on this 100 pair moving average. If this does not hold, we can see lower.

We can see a test of the 200 period moving average to see if that does indeed hold or if this does hold. We can see a bounce here from this 109 area.

For the AJ idea.

Again, it’s holding above its 200 period moving average. It’s also holding above 97. So looking to continue to hold 97, but it will need to get back above its 100 period moving average.

If not, it will come back down to its 200 and potentially break the next time it comes back down with the NJ idea we saw, and we talked about the fact that this one was holding its 200 level support as well as that 90 area, and that it would also need to regain its 100 period moving average in order to continue to be able to move up. But it does have those two shorter term period moving averages coming down with the force of the 20 continuing to press down on the price currently. So that’s what we’re seeing for our pairs as it pertains to this week.

We do have more news being reported tomorrow, and with that news being reported tomorrow, we’ll see how these pairs move in response to that, and we will be ready.We’ll see you guys tomorrow. Bye.

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