18/10/22 Daily Forex Strength Weakness Video

Tues 18th October 2022

Today, Our Daily Forex Strength Weakness Video will focus on:

• GBPJPY

• EURAUD

Charts Provided by Charles Clifton

Daily Analysis By Jon Kibbler

EURAUD At Channel Support

In today’s video update we focus on two forex pairs. The GBPJPY and EURAUD, this is because the live forex strength and weakness tables show us that the GBP (S1), JPY (W2), EUR (S2) and AUD (W1) on the trend table. 

EURAUD is one to watch as the price has approached and found support at a channel trendline. This could see the EURAUD bullish trend continue if we were to see a break above the H1 highs outlined on the image below. 

The Australian Dollar has been weak of late due to the RBA slowing down the pace on hiking interest rates. On the other hand the ECB have outlined that they will look to hike interest rates further which could see the Euro strengthen. 

Technical Observations

• The EUR is S2 on tend table and the AUD is W1.
• Price is currently trading above the 200 moving average.
• The price is finding support at a historical channel trendline.
• A close above this level could see buyers step in with the next resistance being a historical trendline.
• Short term traders may consider breakout opportunities if the price trades above the H1 highs.