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AUDUSD 4 HOUR CHART – AIMING FOR .68?
Key target is close to .69 with .6800 the next obstacle. To make a run at .68, .6750 would need to become support.
Minor range .6710-.6761
Split the range and .6735 is the midpoint… needs to hold to keep a bid.
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AUDUSD 4 HOUR CHART – STILL BULLISH
AUDUSD finds support by being the onky major CB with talk oif potential rate hikes rather than rate cuts.
As I noited, I had to go to the weekly to find the next key target, which is not until nearly .6900.
In the sbsencde of key resistance, the new level to watch is .6761 high.
Expect support as long as it trades aboive .6710.
EURUSD DAILY CHART = PAUSE OR BREAKDOWN?
With the exception of the AUDUSD, which gave back its post-CPI gains, it has been a USD day with the highlight the USDJPY breakout SMASHING through 160.16.
EURUSD joined in the party and although the was low just 1 pip below 1.0667, it is probably only a pause unless 1.0700+ is renewed.
Should 1.0666-67 be firmly broken, 1.0649 and 1.0600 become the targets.
AUDNZD DAILY CHART – ANTHERTWINNER IS…
How do we know when a cross flow is driving the spot market?
One clue is when two related currencies move in opposite direction.
This is the case with the AUDUSD (higher) and NZDUSD (lower)
Key resistance next at 1.0944, blocks a move to the maor 1.0997-1.1030.
Expect support on dips while above 1.0840-90, stronger if above the top of this band.
AUDJPY DAILY CHART – A WINNER IS…
AUD up after hotter CPI (scroll down to see an AUDUSD chart posted pre-CPI).
AUDJPY has been a winner, extending its winnig streak to 9 days and trading in unchartered waters with no clear resistance other than the new high.
Cross offsets are one reason USDJPY is pressing towards 160.
Expect a buy the dip on any decent retracement unless 103.58 is broken..
AUDUSD 4 HOUR CHART – WAITING FOR CPI
Chart shows key levels on both sides in a market that remains hyper sensitive to inflation data.
See a detail preview in Newsquawk’s Week Ahead
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
AUDUSD 4 HOUR CHART – Retracements or faikures?
With the dollar recovering after yesterday’s stright line data driven moves that paused shy of recent dollar lows, look at FIBO levels if yiu do not see any nearby levels.(e.g. 50% of 6578-6702 = 6639)
AIUDUSD DAILY CHART – GAME CHANGER LEVEL
After setting a high at .6713, AUDUSD spent the next 3 weeks trying to retest it before falling off a cliff following the US jobs report on Friday.
I like to look at levels I call game changers, levels that if broken would shift the focus the other way.
The game changer level in AUDUSD is .6557 (use .6550 as well), so keep an eye on it should Friday’s moves be extebded.
AUDUSD DAILY CHART – CONSOLIDATION AS WELL
If you take a step back here as well you will see that the AUDUSD uptrend is still inatct but consolidating after setting a high at .6714 12 days ago.
Key levels are highlighted on the chartt: .6714 on top, .6557 on the downside. Only a break of ,6557 would confirm a break of the uptrend.
Consolidation range is also shown on this chart.
As we start a new month mark down the prior month’s range (.6454-.6714) as a reference.
AUDUSD 4-HOUR CHART –
MEN
LOOK AT WHERE AUDUSD FAILED ON THE UPSIDE (ABOVE THE .6650 LEVEL), WHICH NOW BECOMES A KEY RESISTANCE.
ON THE DOWNSIDE, YOU CAN SEE ON THIS CHART WHERE KEY LEVELS IN THE .65XX LIE.
AUD SEEMS HOSTAGE TO RISK OFF AT THE MOMENT, SO HOW STOCKS TRADE NEED TO BE WATCHED FOR A CORRELATION.
CURRENT RISK IS TILTED DOWN. BUT TO KEEP IT SIMPLE, .6600 SEEMS PIVOTAL IN DETERMINING WHETHER AUD GOES FOR .6579 AND BELOW.
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