Today’s simple 2 MA trading strategy Forex analysis provides the technical outlook for three pairs EURUSD, GBPUSD and AUDUSD.
12 January, AtoZForex – Today’s economic agenda has Unemployment claims for US economy. At the same time 13:30 GMT we have speeches from FOMC members, Evans and Harker. What can we expect from the market today?
Technical EURUSD analysis: Neutral-Bullish
From price action perspective today’s 2 MA trading strategy Forex analysis for EURUSD saw bullish price developments. The pair is currently trading above our yesterdays mentioned resistance level at 1.0620. We can see from 1H chart 20SMA crossed above 100SMA which indicates bullish price developments. However, 100SMA is neutral. There is a possibility pair to retrace back to 1.0580 level which is 20SMA and continue upward.
Technical GBPUSD analysis: Neutral-Bullish
According to my 2MA Forex strategy, the pair is trading above both moving averages. We expect 20SMA to cross above 100SMA on 1H chart for further upside movement. However, MACD histogram is on bullish side and RSI oscillator is trading above 60 level. Therefore, the overall trend for this pair is on bearish direction as the pair rebound from 20SMA on Daily chart. If the price close above 20SMA on Daily chart we are going to consider bullish entries from tomorrow or next week.
Technical AUDUSD analysis: Bullish
From today’s AUDUSD technical analysis, the pair is on bullish direction with both moving averages sloping bullish. However, we are likely to see a retracement back to 20SMA and continue upward. Yesterday we were expecting the pair to rebound from 100SMA but price didn’t reach that level. Therefore, the price is currently trading at 100SMA Daily at 0.7505 level. If we see the price closing above that level we are going to consider only long position on pullbacks.
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