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GBPUSD HOUR CHART – 1.30 REMAINS TH KEY FOCUS
Failure to hold above 1.30 has cooled the move but would need to break 1.2937-66 AND THE TRENDLINE to suggest a top is in for now.
To state the obvious, 1.30 will set the tone going forward.
Note the 4 hour trendline is a major one although the daily trendline is far out of range
USDJPY 1 HOUR CHART – WAS IT THE BOJ AGAIN?
USDJPY break of 155.70 support paused shy of the next key level at 155.11, leading to a bounce back above the breakdown level.
As this chart shows, there is potentially some upward momentum trying to build but only if 156.80 is firmly taken out.
The question is whether this was another BOJ attack which has turned longer-term chart technicals against the USD.
One word about intervention- the longer it goes on the more traders adjust strategies to take advantage of it (i.e. like buying the deep dip today).
In any case, a failure to take out 155 would be significant and setup a 155-158 range.
XAU/USD: Gold Soars to Record Above $2,480 on Rate Cut Hopes
· Gold prices blast to new record.· Bullion hits all-time high of $2,480.
Gold XAUUSD is on a tear. The precious metal hit an all-time record of $2,480 per ounce during the Asian session Wednesday as traders were feeling confident to pile their long bets. Optimism over the Federal Reserve’s interest rate cuts is back after a slew of favorable economic data and the man himself striking an upbeat tone on inflation — Jay Powell said Monday that the Fed is happy with the inflation’s downward trajectory.
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