Gold
Resistance at 2050.00 and 2070.00
Supports at 1990.00 and 1900.00
There is a chance that 1990.00 might hold for another attempt for Highs, but overall pattern suggests that Gold is destined to go in a correction phase.
It is more likely that we’ll first see 1900.00 then new high.
For those that trade CFD’s this might be an opportunity to go Short.
USDJPY 4-Hour Chart: Key resistance looms
Looking at this chart USDJPY has been in a 149.53-150.89 range for nearly 2 weeks
With rising red lines, momentum is swinging upwards but faces the key resistance level (recent high) at 150.89
A move through 150.89 would leave little until the major 151.90 level
Expect support on dips as long as 150+ trades
Beware as always of verbal intervention with the major level looming above..
Of note – another Fed official stated today that he feels it is too early to cut rates. Also – If I caught this correctly, A company named Abbvie, a pharmaceutical company, just received $80 billion in M&A financing on offer, and was initially only looking for $14 billion. That is what is called a grand slam and speaks to the fact that money is continuing to move and investors are not in as much fear of risk as some might think at present in my view. Something to consider with relation to currencies that tend to ride risk and the climate overall in my view
USDJPY
With bond yields edging up and BoJ dragging its feet there are probably a lot of carry trades being put on
With Nikkei soaring to record highs, there seems no rush for the BoJ unless it wants to replace verbal intervention with a rate hike hint risk comment.
Markets will soon start looking ahead to a hot PCE inflation release next week, which is also on month end.
Usd/Jpy is an equilibrium price for the pair in our model, the pair has been sideways overall for 5 days. As long as the market is not too aggressive in the eyes of the BOJ I could see the market testing 151 due to interest rate differentials and other factors, but clearly that level is a concern for the BOJ. A bit of a quandy. Favoring the bid from the 149.50 and 150 areas unless the market gives up.
hello millionaires and billionaires (I almost feel ashamed for the billionaires to include millionaires in same sentence)
evasion .. avoidance .. one can (or should) carry more significant consequence than the other n’est pas? watson
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* The nation’s millionaires and billionaires are evading more than $150 billion a year in taxes, according to the head of the Internal Revenue Service.
* The IRS, with billion of dollars in new funding from Congress, has launched a sweeping crackdown on wealthy taxpayers, partnerships and large companies.
* “We have to make investments to make sure that whether you’re a complicated filer who can afford to hire an army of lawyers and accountants, or a more simple filer who has one income and takes the standard deduction, the IRS is equally able to determine what’s owed to us. That’s a fairer system,” IRS Commissioner Danny Werfel told CNBC.
Tax evasion by millionaires and billionaires tops $150 billion a year, says IRS chief
2y and 5yr announcements at 11am EST may have a bit of an effect on price activity due to the 2yr/5yr spread carrying weight for institutions in portfolio management. My bet is a solid announcement and added stability to treasuries and Usd. Difficult to gauge reactions on those things ahead of time, especially considering most institutions have already priced in various scenarios to some extent
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