- This topic has 11,679 replies, 48 voices, and was last updated 3 weeks, 5 days ago by .
-
GBPUSD Daily
Supports : 1.32700 , 1.32450 & 1.31850
Resistances : 1.33450 , 1.33600 & 1.33850
Bullish angle has been lost, and only question is if this is going to be a correctional phase or full blown downtrend.
Monthly and weekly charts are more in favour of a correction and continuation of the Uptrend later on.
GBPUSD 4 HOUR CHART – Tests key support
EURUSD leading, GBPUSD following with a lag (note EURGBP)
1.3310 tested and remains key support.
Back above 1.3350-69 would be needed to deflect the risk.
As noted in our Weekly FX Chart Outlook</a>
On the downside, 1.3310 is the make or break level, keeping the risk on the high while above it.
Logic says for GBPUSD to make a serious break to a new high, EURUSD would need to establish above 1.12 and/or EURGBP would need to make another leg down.
XAUUSD 4 HOUR CHART
Having paused above the top of 2614-22 support the focus shifts back to 2650 as a bias setter.
To suggest another run at the record high, 2660-66 would need to be overcome.
Otherwise, rising Middle East tensions suggest some safe haven demand but unless the high is taken out, it may just be a period of consolidation within 2600-2700.
USDJPY 4 HOUR CHART – Retracement?
As noted yesterday, the sharp Friday-early Monday drop from 146.49-141.64 left little in the way of obvious resistance levels. above the market. This left retracement levels as potential resistance.
In this regard, the move up has so far paused below the 61.8% FIBO,(see below)Â which if broken would shift the risk back to 145 and Friday’s high.
Otherwise, it looks like 142-145.
USING OUR FIBONACCI CALCULATOR
EURUSD 4 HOUR CHART – Back on the defensive
Having failed above 1.12, EURUSD has tested the neutral midpoint of 1.10-1.12.
If 1.1100-03 is firmly broken, then 1.1083 and 1.1068 come on the radar with a black hole below it
If 1.1100 holds, then 1.1120-25 would need to hold on top or risk shifts back to 1.1150.
Focus now shifts to US data with JOLTS and ISM PMI next on the docket.
One thing that has not changed over the years is that the forex market continues to be driven by news. I remember when I first started out, the key report was the monthly trade report. We used to quote spreads of 200 pips wide after the report and other bank would trade on it….
Forex Trading: You Can Teach an Old Dog New Tricks
See this article in our blogNew quarter, data focused market… see what is in store for Tuesday
XAUUSD 4 HOUR CHART – Top is in for now?
Lower blue AT lines indicate risk shifting to the downside and a retracement
To suggest a retracement, needs to stay below 2643-50 to maintain that risk.
Supports at 2614-22 need to hold as well as the trendline to contain the downside but 2600 may be most important in keeping the bid.
- You must be logged in to reply to this topic.