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US500 4 HOUR CHART –    What’s the ugly word?
Just when it looked like US500 was setting up for a run at the record high, tariff news cut it short.
Now it is dependent on 6000-20 holding to keep the bid in what was looking like a goldilocks market => tame bond yields, growing but not overheating economy. Watch bonds now that ugly word, tariffs, is  likely to become a reality rather than a threat.
XAUUSD 1 HOUR CHART –  Mission not finished bUt how aboit now?
I asked if the test of 2800 was mission accomplished but the move above  it said mission was not finished.
However, a failure to close/establish above 2800 would leave it dependent on 2785-90 holding as support to keep 2800+ at risk.
Much will depend on how many are trapped long above 2800 as that would expose stops below the market.
USDCAD 4 HOUR CHART –  TARIFFS COMING
We are back waiting for the Feb 1 Trump tariff threat deadline after a news whipsaw to end the month.
As I have been noting, actions speak louder than words and latest report that tariffs will be going into effect on Feb 1 should, at a minimum, provide a floor under USDCAD.
Key levels:
1.45 => sets the tone
1.4595 => This week’s spike high that guards exposing MAJOR 5 YEAR HIGH AT 1.4661…
This is about 5pm Nigerian time and the USD/JPY is looking good for a buy. The market went to the lowest point at 154.504which is a support area as there was a previous low at that level a few hours ago. Market has risen ever since and is at 154.813 currently. Identical candles in opposite directions are seen forming at the hourly chart.
This fortells a continuation pattern of a buy. New candles usually follow the last candle and head in same direction.
This is what is currently occuring now and price is going towards 155.040 for a few pips before i relax and see if i will find another opportunity to re enter the market.
As i ussally say, don’t overtrade. Just go in for a 2:1 risk / reward ratio and dont trade more than 2-5% of your Account. Slow and steady wins the race, be careful.
Thanks,
TOPNINE.
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