EURUSD 4h
Resistances : 1.10750 , 1.11350 & 1.11650
Supports : 1.10550 , 1.10400 & 1.09950
It needs to take out 1.10750 to be able to continue up in this very wave.
Failure would call for a correction , but it can be more time consuming then real downward one.
1.10550 is most important for that scenario to hold.
Channels are pretty clean, so make your own conclusions.
EURGBP 4 HOUR – BOUNCE FROM .8500
Whatever order flow that was driving EURGBP lower has apparently been filled and this has seen a bounce from just above .8500.
This has helped give EURUSD a bid after lagging due to selling in this cross.
Currently testing .8530, a break above would end the latest leg down.
Trendline is the key level above it.
For those who prefer active approaches vs position trading, one would think Dollar sees lingering pressure until Jackson Hole. I made money this morning on the long side but it was against the grain and dicey with the way price behavior transpired. Short side is better so far. This pair is really volatile of late so if you are courageous or pretty good at this then sure, get in there and fight it out. Preferred method in such an environment is to wait for price parameters to be pierce and catch the retrace but it will almost surely go back through the pierce. This is not position trading obviously.
USDCAD DAILY CHART – WEEKLY FX OUTLOOK AND CHART POSTED OVER THE WEEKEND
(NOTE, LAST TRADE AT 1.3666)
Trading in the background and more of a laggard than a leader.
Top is in, can it reverse to a downtrend?
Current focus is on a range around 1,.37, which will dictate whether it can go after 1.3656 and below.
On the upside, back above 1.3740-50 would be needed to shift focus back to 1.38.
i POSTED THIS OVER THE WEEKEND
Week ahead:
With markets hooked on US data, the calendar is quiet until Thursday-Friday with the highlight being Powell’s speech at Jackson Hole. After the last batch of US data *retail sales, weekly jobless claims), expectations have taken a 50bpo rate cut in Sept off the table and are looking for a 25bp cut. Key data event will be the August employment report in early September.
A look at the day ahead in U.S. and global markets from Samuel Indyk
The volatility that rocked markets in early August appears to be back under control, and with the Kansas City Fed’s Jackson Hole Symposium set to kick off on Thursday, things could stay that way until later in the week.
USDJPY DAILY CHART – SUPPORT BROKEN
As I pointed out in the Weekly Outlook, 146.05 was the key level on the downside and USDJPY smashed through it (145.18 low) but so far has not established below it.
At a minimum, this confirms the move up to 149.39 was a retracement but if this leads to consolidation, then look for 145.148 to be a potential range.,
With XAUUSD topping 2500 to set a new record high on Friday, the question is whether this is a speculative bubble or is there more to the surge in the precious metal?
What is the Surge in Gold Saying About the US Dollar?
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