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As I look at the price action in EURUSD it reminds me of this article in our blog, which is worth a read
What Does it Mean When a Currency Feels “Bid in an Offered Market?”
What Does it Mean When a Currency Feels “Bid in an Offered Market?”
USDJPY 4 HOUR CHART – CARRY TRADES?
Break of 158.25 leaves a void until the major 160.16 high. Normally this would be a clear path hher but BoJ intervention risk cannot be ignored.
On the downside, expect a very strong bid if 157.25 becomes support although bids likely below the market as long as above 157.50
As I noted this week, putting the pieces of the puzzle together, affirmer stocks and a firmer USDJPY suggest the JPY could be a funding currency of choice for carry trades.
USDCHF 4 HOUR CHART – FX RATE PROTESTR?
The SNB decisiob to cut interest rates was proably partly in trsponse to the recent appreciation of the CHF/
As this chart shiws, .8992 is the key level that would need to be broken to break the downtrend (trendline as well).
In any case, the rate cut has restored a 20way risk
CRWD (NASDAQ)
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3 CENTRAL BANK DECISIONS ON THURSDAU. THE KEY ONE IS THE BANK OF ENGLAND
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If you do not believe the Power of 50, look at this 5 minute EURUSD chart, see how your emotional bias changes when it trades above/below 1.0750
My Favorite Trading Secret: The Power of the “50” Level
EURUSD 4 HOUR CHART- – WATCH 1.0750
EURUSD mirroring the USDX chart with momentum to the downside broken after the break of 1.0745 yesterday.
As noted earlier, a move above 1.0750-1.0760/65 would be needed to add legs to the move up. For day traders, a.0750 will set the tone.
The trendline on this chart is acurrently round Knez’s 1.0780 level posted yesterday.
USDX 4 HOUR CHART – EURUSD PROXY (57.6% OF THE INDEX
Let’s start the day by looking at the USD INdex, where momentum has TILTED to the downside.
However, using USDX as a EURUSD proxy suggests EURUSD would need to extablish above 1.0750 (AND THEN 1.0760-65) to Put pressure on the USDX downside where 105.14 is THE FIRST LEVEL OF support.
OTHER CURRENCIES VS. THE DOLLAR
AUDUSD BID BUT HELD A TEST OF .6675 – SCROLL DOWN TO SEE CHART
USDJPY HIGH YESTERDAY WAS 2 PIPS BELOW THE KEY 158.25 HIGH
EURUSD CAN’T MAKE UP ITS MIND. BUT FINDS SUYPPORT WHILE ABOVE 1.0720.. RANGE WIDENED TO A PALTRY 1.0725-1.0742 (WON’T LAST)
EURGBP A TOUCH LOWER WAITING FOR THE BOE TOMORROW
US holiday clearly dampening trading activity
