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EURUSD 4 HOUR: Power of 50 strikes again
What should have caught your attention today is the Power of the 50 level, with moves outside of 1.1150 and 1.1250 not following through (range 1.1145-1.1251).
With EURUSD back on the defensive below 1.12, the current focus is on 1.1150 while trading is within 1.11-1.12.
Market Update: Indices (CFDs 4 HOUR)
At this time yesterday the focus was on down trendlines, especially the NAS100 and then shifted to the up trendlines today as risk off took over as bond yields spiked following the hotter US CPI.
This leaves both indices in limbo heading into the Veteran’s Day holiday where liquidity will be thinned by government and banks closings while stock markets are open. Canada is closed for a holiday as well.
See charts for levels to watch.
USDJPY 4 HOUR: BOJ’S job just got harder
If the BOJ hopes to defend 159.03 to prevent an open door to 160, its job just got harder.
It is not only higher US yields and a generally firmer dollar but the likelihood that a 7 day pivot around 158 will be broken tomorrow (bullish).
To expose 159.03, needs a firm break of 158.76.
In any case, expect support on dips un;less 158 prints again
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US500 4 HOUR (CFD): 7500 remains a focus
US500 post-CPI dipped to 7486 and recovered back above 7500.
The bounce needs to clear 7576 to put the descending trendline back in play.
Below 7486, focus would shift to the rising trendline and then 7348.
Test for stocks is whether they can withstand the headwind fron rising bond yields.
NAS100 (NASDAQ) 4 HOUR (CFD): Relief rally or more to it?
The bounce from the 26638 (red line) higher low so far stalled above 28000 as the descending trendline held.
On the downside, break of the trendline drawn off higher lows and 26638 would be needed to expose the 26244 swing low.
Otherwise, to make it more than a relief rally where 28336 resistance that preceded the 26244 low is the key level to break to challenge the downtrend.
Forex Marketr Snapshot
It has been a reaction to news is what matters day that saw the USD rebound following hawkish comments by Fed’s Waller.
What caught my eye is EURUSD, still an outperformer, slipping back to around unchanged after failing just above 1.1250 and USDJPY printing 158 fror the 7th day in a row.
Next up: US CPI
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