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EURUSD Daily
Yesterday we have seen a strong move Up , driven by the data .
Resistance at 1.06700 was taken out ( now acts as a support ) , and we have closed the day Above the sharp downtrend Resistance line.
There are no important data today , so we’ll see if this move can be sustained .
If it does, we’ll have two consecutive Closed bars above the downtrend resistance line, and that would signal a change of trend.
However, if close will be bellow 1.06500 , it would be a perfect Sell signal and run at 1.05500 would be inevitable.
Supports at 1.06800, 1.06700 , 1.06500 & 1.06250
Resistances at 1.07250 , 1.07700 & 1.08250 Continue reading...
USDJPY MONTHLY CHART
Let’s try something different by looking at a monthly chart with USDJPY extending its high to within 3 pips of 155.
The pattern that stands out is higher lows/higher highs each month this year. For any intervention to have a hope of stemming the tide, this pattern would need to be broken.
It is hard to remember a stalemate or should I say a pressure cooker like this,,, which will be put to the test on Friday (if not before) when the BoJ meets and Japanese and US inflation data come out… See full previews and detailed analysis
AUDJPY 4 HOUR CHART – TRYING FOR A BREAKOUT
AUDUSD OUTPERFORMING AFTER CPI DATA WHILE USDJPY REMAINS POISED JUST BELOW 155 DESPITE MARKET ON INTERVENTION WATCH
AS FOR THIS CROSS, THE KEY LEVEL IS 100.80, SO FAR ONLY BRIEFLY TRADING ABOVE AND NEEDING TO BECOME SUPPORT TO BUILD MOMENTUM INTO UNCHARTERED WATERS (I.E. NO CLEAR RESISTANCE OTHER THAN THE MOST RECENT HIGH = 101.01 SET EARLIER).
USDX 4 HOUR CHART – REMINDER, EURUD IS 57.6% OF USDX
NAS100 4 HOUR CHART
US30 4 HOUR CHART
Consolidation is used in technical analysis to describe the movement of a price within a well-defined range of trading levels. Consolidation generally means the price will hit a defined level several times.
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