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GBPUSD 4 HOUR CHART – 1.25-1.26?
While the earlier fall-off-a-cliff move was unnerving, GBPUSD remains within 1.25-1.26, suggesting the 1.2550 level will dictate its intra-day bias.
As noted earlier, 1.2500-02 is a key level as there is qa voud below it.
On the upside, 1.2570-94 guards the key 1.2634 level.
URUSD 4 HOUR CHART -CUP HALF EMPTY OR HALF FILLED
Depending on how you look at it EURUSD has shown some resilience but would need to take out 1.0813, which is in its 2nd week of not being tested, and stay above 1.08 to suggest more scope on the upside.
Support is clear at 1.0760 with supp[ort as long as it holds.’
There is a lower top at 1.0807 from yesterday but only a break of 1.0760 would turn this into a shift in directional risk.
XAUUSD 1 HOUR CHART – RETRACEMENT OVER?
As I pointed out yesterday, 2328 = 61.8% of 2303-2328.
The low at 2332 paused above this level so for now treat the move down as a retracement,
To confirm, XAUUSD would need to move back above the 2350 level indicated on this chart (another example of the Power of 50).EURUSD 4H
May 13, 2024 at 5:10 pm
Support 1.07750 & 1.07500
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 )
So that was right on spot…what now?? Let’s see if 1.07900 will give a way for attack at 1.08500.
Small time frames indicates Buy mode…watch for Data today
USDJPY 4 HOUR CHART – WHO’S AFRAID OF THE BOJ>
USDJPY, which stayed bid yesterday even as the USD was softer elsewhere, has extended its high through 156.27 resistance.
Is this the key level that might trigger intervention;
It could be but more likely it would put traders on high alert if it managed to make a move toward 158.
Using this chart, it would need to stay above 156.27 to keep a strong bid but would likely find support below the market unless 155.49 is taken out (assuming no intervention).
POWER OF 50: Notice that yesterday’s low was just below 155.50 and today’s high stalled just above 156.50 (156.54)_, which is another example of the power of the “60” level.
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
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As all global markets spin their wheels waiting for key US data on Wednesday it pays to take a deep breath and. see..
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