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USDJPY Trump saves the day
- Trump comments on China broke the risk off mood and sent USDJPY back above 150.
- Back Above 150.45Â is sill needed to negate the leg to the downside, but would also need to break the trendline to fully confirm.
- Other safe havens giving back as werll (e.g. CHF, EUR, GOLD)
USDJPY 1 HOUR CHART
FX option expiries for 17 October 10am New York cut
There is just one to take note of on the day, as highlighted in bold below.
That being for EUR/USD at the 1.1700 level. It isn’t one that ties to any technical significance, so I wouldn’t put too much emphasis on the expiries above. That especially with the dollar sagging amid a marked decline in Treasury yields, with 10-year yields in particular dipping below the critical 4% level. That is the stronger driver of trading sentiment currently with US-China tensions also staying in focus ahead of the final stretch of the week.
Stocks pop higher, USDJPY back above 150 on Trump’s China ccomments
EURUSD Weekly
That support trend line was breached, but EURUSD never closed the week below it…
Those two lows on the picture are 1.15421 – BOTH…exactly in  a tenth of a pip – have to admit I cannot remember something like that from the past…
Now when I pointed it out those strange occurrences,  let’s see what we can have in front of us.
Obvious resistance is at 1.17300
Close of this week above 1.17100 would call for the next week – another leg Up.
Close below 1.16750 would leave the situation where it already is – Down
Two supports are : 1.16300 & 1.15800
BTCUSD: From feast to famine
- It was only a couple of weeks ago that BTCOIN was setting record highs above 126K and now it is dependent on 100K holding to prevent the key trendline and 98K from being exposed.
- What should be disappointing to bulls is the crypto not acting as a safe haven, in contrast to the surge in GOLD
BTCUSD WEEKLY CHART
USDCHF: BIG PICTURE
- Daily chart shows sharp move down from .8076 as safe haven demand drives CHF higher (on crosses as well)
- Break of .7900, if it holds, would put major .7828 support on the radar.
- Back above .7900=28 would cool the move but only back above .7985 would negate the risk.
- Watch US stocks today as that is setting the risk off mood.
USDCHF DAILY CHART
EURUSD: Textbook call
- A near textbook call yesterday using Amazing Trader charts and logic (high today 1.1728)
- if 1.1681 is broken and becomes support, then clear path to 1.1730
- Now dependent on 1.1681 (use 1.1680) holding to keep a bid, but only below 1.1643-50 would negate the risk.
EURUSD 1 HOUR CHART
XAUUSD (GOLD)
- Surge to a new record high at 4379 and then backing off after a DOUBLE TOP makes this a key resistance.
- The surge higher has left no key supports above 4300 so use 4350 (my target after (4200+) as a pivotal.level.
- Back below 4300 and then 4273-79 (support) are what is needed to confirm a pause.
- From an outsider’s perspective the parabolic pace of the move up argues for too far too fast but also brings up the trading adage that markets can remain illogical longer than you can remain solvent.
XAUUSD 1 HOUR CHART
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