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Using my platform as a HEATMAP
Mixed start to the week
EURUSD backing off towards (but still above) 1.08.… USDJPY weaker ==> EURJPY weaker (GBPJPY as well) asa JPY gets safe haven flows.
AUDUSD, NZDUSD a touch firmer, USDCAD about unchanged
Tariffs, trade war risk, recession talk weighing on US equities
The Savvy Trader was ahead of the curve when he wrote this article’
Is the U.S. headed for a recession by the Savvy Trader?
Light calendar so another headline watching day after Trump weekend comments (scroll below) added to a risk off mood
Using my platform as a heatmap
USD is up as market seems to be biding its time ahead of tomorrow’s US CPI
EURUSD still within 1.05-1.06 where Power of 1.0550 sets the bias
USDJPY found support above 150.77… needs to stay above 151.21 to keep a strong bid but t52 a potential obstacle
GBPUSD lagging… note weeaker EURGBP
USDCAD broke its 1.4178 key high but so far not following through
AUDUSD an underperformer (NZDUSD as well), falling after RBA but holding above Monday’s .6372 low
AUDNZD DAILY CHART – RBNZ FALLOUT
It is the reaction to news that matters played out overnight with the NZDUSD falling sharply (down about 1%) after the RBNZ, as generally expected, cut rates by 50bps
AUDNZD reaction (up) would need to establish above 1.1056 to expose the Major level at 1.1151.
Otherwise, range is to 1.0980-00,
Robinson – NZDJPY Monthly
I have added some of my Channel lines , so now you have a channel within channel .
I am going to ask Jay to explain basics of Cross trading – when you have much more influence on rate of the cross coming from Majors like USDJPY & NZDUSD – it is very important to understand that part , as charts might not be enough to trade such a pair like NZDJPY
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.
NZDUSD 1-hour chart
Blue lines dominate, indicating risk on the downside.
Key support is clear at .6156-61, which needs to hold to prevent a further push to the downside. Should the support zone give way then .6150 (psychological) and .6128 are next.
On the upside, .6200 is the key resistance, minor at .6185 ahead of it.
Underperformers
NZDUSD and AUDUSD were the underperformers today,
