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EURUSD Weekly
Supports : 1.08000 , 1.07850 & 1.06800
Resistances : 1.08650, 1.09150 & 1.09850
Most important Support now is 1.06800 – it separates us from 1.01000…
What I see on this chart are 5 attempts to reach the Downtrend line ( currently at 1.13650 ) and 5 times rejection on lower parallel line , and all within last 12 months.
If all goes well and EURUSD continues Down ( we have only first signs of it ), 1.01000 would be in grave danger – as it opens a road for way lower levels….like 0.75
Talking Big, as market is pretty lame when it comes to intraday moves …goes undecided , just to start a sudden move , but without any visible strength – so difficult to trade it with the confidence.
EURJPY DAILY CHART – CARRY TRADES UNWIND
JPY is not only up vs. the USD but even more so on its crosses, suggesting the carry trade unwid continues.
With that said EURJPY has tested 1 64.32 support so see if it holds as it would have implications for EURUSD as well.
Note layers of red line support from 160.20-164.00
NAS100 ONE HOUR CHART – GAP OPENING
i AM NOT SURE HOW SIGNIFICANT A GAP IS IN a CFD that does not open right at the start of a new day.
In any case, S&P has a gap lower opening as well.
See key levels (still above them) on this chart as it tries to build downward momehtum,
S&P 5500 is the obvious pivotal level.
USDJPY DAILY CHART – TARGET HIT
Having hit the 154.50 target and then some (low 154.36), this level become pivotal in dictating whether levels shown on this chart get exposed or 155 exerts a magnetic pull.
If I was in the BoJ’s shoes, I would be quietly in the market taking back some interventions and smnothing the market but I am here typing and trading, not a central banker.’
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Bottom line, 154.50 and 155 dictate what comes next.It seems it has been eons ago the forex market was characterized by higher volatility, with average daily ranges exceeding 1% of the spot price more the norm than the exception.
If you are currently trading the forex market, it is hard to not recognize the lower volatility and choppy trading that have frustrated not only trend traders but day traders as well. I look at volatility as a market characterized by tight daily ranges and limited follow through with choppy trading, limited trends and often false starts in both directions. It is a matter of adapting in this environment to take advantage of opportunities to trade.
8 Forex Trading Tips for a Lower Volatility Market
PMIS DAY AND THE BOC – SEE DETAILED PREVIEWS
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