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GBPUSD 1-HOUR CHART – LOOKS LIKE IY FELL OFF A CLIFF?
I am using this chart as it looks like GBPUSD fell off a cliff. This may reflect a thin market that has been buying GBPUSD this week.
Whatever the case, the key level on the downside, as pointed out yesterday, is 1.2502 as there is a void of key levels below it. So far, GBPUSD has paused above it.
On the upside, back above 1.2546, at a minimum, would be needed to ease the risk on the downside.
This is the key data day everyone has been focused on, US CPI and Retail Sales. Be prepared with this
A Detailed Preview….
As all global markets spin their wheels waiting for key US data on Wednesday it pays to take a deep breath and. see..
How to Properly Trade Forex on News Releases
XAUUSD 4-HOUR CHART – Retracing?
A failure to stay above 2350ish has cooled a fresh bull run.
To contain the retracement it needs to hold 2328 – 61.8% of 2303-2378 (see chart)
https://global-test.financialmarkets.media/how-to-properly-trade-forex-on-news-releases/
Pior to tomorrow’s Data
USDJPY Daily
Resistance at 157.100
Support 155.750 & 155.950
If we forget about BoJ , this pair is moving Up – it is in Buy mode on the daily.
If you have to play with this pair right now, go with very tight stops, but be aware that in the case BoJ reacts again, they might be executed way lower – so use your margin wisely and go very light to counter that slippage risk.
EURUSD Daily
Resistance 1.08050 & 1.08350
Support 1.07750 & 1.07500
As you can see from the chart, it was rejected at downtrend line 1.08050.
For the continuation of Uptrend, I would like to see support at 1.07750 holding it’s ground (smaller time frames indicate a test of it )
We have lots of Data tomorrow and some very important ones at that!
The current Pattern on Daily can go both ways – so wait for Data .
