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XAUUSD 4 HOUR CHART – Taking a breather
I must be doing something right as there is no change to what I posted earlier
XAUUSD CAME CLOSE TO 2400 BUT HAS BACKED AWAT. MAJOR LEVEL REMAINS ABOVE 2400.
RISk IS STILL POINTED UP AS LONG AS IT STAYS ABOVE 2351 (DOES THIS LEVEL, I.E. 2350, SOUND FAMILIAR> BUT ANYTHING XAUUSD CAME CLOSE TO 2400 BUT HAS BACKED AWAT. MAJOR LEVEL REMAINS ABOVE 2400.
RISk IS STILL POINTED UP AS LONG AS IT STAYS ABOVE 2351 (DOES THIS LEVEL, I.E. 2350, SOUND FAMILIAR> BUT ANYTHING OTHER THAN A BREAK OF 2430 KEEPS THE CURRENT RANGE OTHER THAN A BREAK OF 2430 KEEPS THE CURRENT RANGE
BTC 4 HOUR CHART – FOCUS ON 65000
i POSTED THIS LATE YESTERDAY AND THERE IS NO CHANGE TI THE WAY i LOOK AT THIS CRYPTO
Technical traders may like this but I am not sure about how valid technical levels are in something that can move 5-10% in one day.
This is why I prefer to focus on psychological or what I call “magic” levels such as 60k,65k, and 70k.as well as the patterns formed on a chart
In this regard, 65000 is now a key level that needs to HOLD to put 70000 back on the radar.
USDX DAILY CHART – PAUSED ABOVE KEY INTERSECTING LEVEL
The run to the downside paused above the key 103.93 level, both at a chart point and intersecting with the key trendline.
The significance of 103.93 is it is the last at LOW BEFORE THE HIGH AND THUS THE KEY LEVEL ON THIS CHART. A firm break would be needed to confirm the end of the USD uptrend.
On the upside, still bearish if it stays below 104.61.
Note EURUSD is 57.6% of the index.
FOR THOSE WHO MISSED THIS OR WERE TO REMIND YOURSELF, IT IS WORTH READING
This is a really good tip to keep in mind,… Look at THE price action so far in the US session
Actionable Forex Trading Strategy When to Fade a Correction
Actionable Forex Trading Strategy When to PORICE Fade a Correction
USDJPY 1 HOUR CHART – 155 REMAINS THE FOCUS
As I noted last night, the only level that matters to me is 155 as that will set the overall bias.
Weak Japanese GDP data seems to have been the catalyst for a move back above 155. To suggest more scope on the rebound, 155.50 would probably need to be cleared.
EURUSD 15 MIN CHART – WAITING FOR US DATA
As markets wait for the next batch of US data here is a snapshot of the EURUSD
1.0866 double bottom’
Red arrows indicate the levels that need to be broken to break this retracement.
50% = 1.0851See our Economic Calendar for consensus forecast
