Forex Trading Insights: Moving Averages to Watch 2-9-24

Introduction

  • Overview of the day’s forex market price action

US Dollar Index (DXY) Analysis

  • Initial dollar pop on news release
  • Pullback and test of the 20-period moving average 
  • Key levels to watch: 100.425 resistance and weekly open support 
  • Gains made earlier in the week have been wiped out 
  • 20-period moving average upholding price

USDJPY Analysis 

  • Broke below trendline and continued dropping 
  • Trading below 20 and 50-period moving averages
  • Only 100 and 200-period moving averages left as support

Other JPY Pairs Trading

  • All yen pairs flying today 
  • USDJPY forming bull pennant ahead of Friday trading 
  • Potential bullish breakout if USD gets above 100.425

EUR/USD Analysis 

  • Clutch 1.26 forward level held

AUD/USD Analysis 

  • Pinned below major wild card 0.6550 level

Key Takeaways 

  • Watch dollar index direction 
  • Respect key support and resistance levels 
  • Monitor moving averages for trend bias 
  • Higher timeframe levels and patterns still in control

Forex Trading Pro Matt provides an in-depth forex market analysis and trading strategy overview in this comprehensive video. He covers the key levels and moving averages to watch for major currency pairs like the US Dollar Index (DXY), USD/JPY, EUR/USD, AUD/USD, and USD/NZD.

Matt emphasizes monitoring the dollar index direction to gauge overall market sentiment. He highlights important support and resistance zones like 100.425 on DXY.

1.26 for EUR/USD

and 63.00-65.00 for USD/NZD.

Moving averages like the 20, 50, 100, and 200-period MAs provide additional reference points for trend bias. Matt points out USDJPY breaking below its trendline while USDNZD aims to break its 200-MA.

Overall, Forex Trading Pro Matt recommends respecting the technical levels, tracking momentum from higher timeframe patterns, and preparing bullish or bearish plays depending on breakouts and the dollar’s overarching trajectory for prudent forex trading strategies.

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