EURUSD 1 HOUR CHART – DATA/NEWS DRIVEN MARKET
I am posting this chart to illustrate how hyper-sensitive the market is to any data that might change interest rate cut expectations.
The spike up on this chart came after the flash Ez PMI earlier.
This is why you need to be in touch with what news is coming out and the consensus forecasts.
Next up is the US S&P Global Services PMI Flash
In this highly sensitive data-driven world this can have an inpact although the iSM PMI is considered more important.
I WAS JUST ASKED HOW TO IDENTIFY THE PATH OF LEAST RESISTANCE. IT IS ALL EXPLAINED IN THIS BLOG ARTICLE
Jay Meisler’s Common Sense Trading: How You Can Identify the Path of Least Resistance?
Thanks to Newsquawk.com for broadcasting the comments from BOE’s Pill that sent GBP higher.
As you can see it was worth sharing it on the forum.
EURJPY 4 HOUR CHART – PATH OF LEAST RESISTANCE
If you want to be short JPY but are worried about intervention (i.e. USDJPY 155), one way to do so is via the crosses, such as buying EURJPY.
Why?
The answer is simple. There is less likely to see intervention in a cross than in USDJPY and why I call it the path of least resistance. .
You have seen me post one of my favorite blog articles. The Power of 50. Look at current rates
GBPUSD 1.2350
EURUSD 1.0655
AUDUSD .6450
A look at the day ahead in U.S. and global markets from Mike Dolan
World markets have cheered up a bit this week, but ailing Tesla’s (TSLA.O), opens new tab tanking stock price faces a critical earnings test later on Tuesday and this month’s European business pulse proved surprisingly racy.
Relief at cooling Middle East tensions helped steady the ship on Monday after the worst week on Wall Street since 2022 – with bellwether chip giant Nvidia (NVDA.O), opens new tab recouping some of Friday’s 10% lunge as Big Tech megacaps get set to report first quarter updates over three days of a heavy earnings diary.
GBPUSD 30 MINUTE CHART -1.23-1.24
GBPUSD getting a pop from its flash PMI but not enough to take out 1.2399
This leaves GBPUSD consolidating within 1.23-1.24
Expect a mgnetic 1.2350 to be pivotal and set its intra-day boas.
What has taken some pressure off the downside is EURGBP buying pressures easing.
now that congress is sending more billions worth to various parts of the world, blinken who yesterday tried to bully china’s foreign policy with respect towards russia, is heading to china on wednesday (for three days) wsj reports: “U.S. Takes Aim at China Banks Aiding Russia War Effort
Washington says Beijing’s dual-use trade has helped Moscow rebuild its war machine.”
do “smart traders ignore politics” ?
BTW Monedge, guess you have checked out the Trading pit
Anything you would like to see there…some add ons ??? I can arange many things…know people that know people 😀
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