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XAUUSD 4 HOUR CHART – RECORD HIGH LOOMS ABOVE
Retracement from another record high did not last long but only a break of 2740 would take it again into unchartered territory where 2750 and 2800 would be potential pause levels.
Support starts at 2714 but this only becomes the key level if 2740 high is broken. Otherwise, key support remains at 2701.
EURUSD 4 HOUR CHART – IS 1.08 BEING DEFENDED?
As noted, 1.08 is one of those key options level that had potential to be defended.
So far, the bounce from 1.0811 suggests this may be the case but only back above 1.0850 would slow the risk, back above the 200 day mva (1.0872) would be needed to neutralize it.
Whatever the case, 1.08 is the line in the sand blocking the next target at 1,0777.
USDJPYDAILY CHART – TESTING MOVING AVERAGE BAND
With next key resistance not until 155.20, key moving averages become the focus.
150.78 = 100 day mva (blue)
151.35 = 200 day mva (yellow)
What caught my eye is the overnight low at 150.50, a Power of 50 level… expect support as long as it holds.
Below 150.50 would put 150 in play again.
AUDUSD DAILY CHART – KEY LEBEL LOOMS BELOW
As noted in our Weekly FX Chart Outlook
Trend down but above key level
Key level is clear at .6621, which is also around the 200 day mva. As long as AUFUSD stays above it, the downside risk is limited.
On the upside, a move above 6758 would be needed to suggest a reversal of fortune.
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