Prior to its recent steady move higher it had fell sharply from a three month high above another key level in $68 which has provided some resistance in the last three months, which it reached after an incredible surge higher.
We also covered USDJPY which spent the remainder of the week easing lower under 109. The currency pair has been moving towards the key 109 level over the last four weeks or so. During this period it has met some resistance at this level before breaking through two weeks ago and now easing back below again. The 109 level has been repelling prices strongly in the last four months so it is no surprise it struggled in the last few weeks. In the first half of September and after spending most of August trading in a narrow range right around the 106 level, the USDJPY rallied and move up to its highest level in one month above the 108 level.
Last week the GBPUSD continued to edge a little higher towards 1.29. In the last few weeks or so the GBPUSD has eased ever so slightly from its five month high just above 1.30, with small rallies since then, after smashing through the key 1.25 level which has resisted prices strongly throughout September. In the last week or so it has settled right under 1.29 having met some resistance from around 1.30. The 1.25 level may now reverse roles and provide some support should the sterling decline from its current highs. It may also use this current consolidation period as a base for higher prices as it may look to test the resistance at 1.30. Prior to the surge higher to above 1.30, it had settled right around the 1.23 level after falling away from the key 1.25 level, where it met stiff resistance for nearly two weeks.
To finish out the week we covered the EURUSD which finished the week rallying higher and pushing off support at 1.10. In the last two weeks the EURUSD has fallen sharply from near several month highs close to 1.12 down to a one month low just above 1.10. The 1.10 level has provided some support in the last week propping the currency pair up after the fall. Throughout October the EURUSD rallied well back above the key 1.11 level however just settled a little feeling some selling pressure from near 1.12. It made another run towards 1.12 before the fall over the last two week. Most of the levels including 1.10, 1.11 and 1.12 have played a significant role in the last six months or alternating between providing support and resistance.
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