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Trading tip: Testing strength of trend
- The test of the strength of a trend is whether a retracement is followed by a new high (low) with the trend.
- If not, then it gives a clue as well the other way (i.e. retracement or consolidation)
- In this regard, watch US500 and NAS100 record highs after yesterday’s sharp but brief retracementrs
- The same principle applies to intra-day trends
FX option expiries for 8 October 10am New York cut
There is just one to take note of on the day
That being for EUR/USD at the 1.1650 level. It isn’t one that ties to any technical significance, so the expiries might not factor too much into play. That especially as the euro remains heavy amid France’s political turmoil while the dollar is underpinned from bids such as the one seen with USD/JPY as well. For the pair, the 100-day moving average at 1.1628 is now at stake so that’s the key line in the sand to watch out for in the day ahead. But if we do get to see a bounce for whatever reason, the expiries above should help to limit that so long as the underlying sentiment above remains.
XAUUSD (GOLD): What’s next for gold?
- I was just asked what’s next FOR GOLD?
- When in unchartered waters I look at what levels would slow momentum rather than guessing at a top although 4050 has potential to force a pause.
- In this regard, a break below 4030 would indicate profit-taking and slow momentum but only sub-4000 would negate a buy on dips mentality.
XAUUSD 1 HOUR CHART
USDJPY Time for a pause?
Two blue Amazing Trader lines drawn off the 153.00 high indicate a potential change in directional risk.
To make this more than just a pause, USDJPY 152.00 would need to be broken, currently protected by 152.13-32
USDJPY 1 HOUR CHART
If you don’t believe in the Power of the 50 Level take a look at an XAUUSD (GOLD) chart where mine shows a pause just below 4050 (high 4049.50 =< last 4o33)
In our blog
My Favorite Trading Secret: The Power of the “50” Level
‘EURUSD break 1.1645
- My guiding principle that the Forex market lives to run stops was evident today with the run through 1.1645, which ends thoughts, at least for now, that the uptrend can be revived..
- Supports: 1.1600, 1.1574, 1.1527
- Resistance: 1.1645-55, downside exposed while below it
- Intra-day: 1.1606– 1.1635
EURUSD DAILY CHART
XAUUSD (GOLD): Smashing through the 4000 barrier
- The opening words on the show Star Trek saying… “to boldly go where no man has gone before” can be applied to GOLD smashing through the 4000 barrier like a knife slicing through butter.
- 4000 now becomes pivotal… strong bid above it, below bull fever cools
- Otherwise, only resistance is at the new record high (4040 so far). See if 4050 can cause a pause.
XAUUSD 1 HOUR CHART
In out blog
Fed Faces Dilemma Ahead of October 29 FOMC Meeting as Shutdown Delays Key Data
With the next Federal Reserve (FOMC) decision scheduled for October 29, policymakers are facing an unusual challenge: the government shutdown has delayed critical economic data, leaving the Fed “flying blind” just weeks before its next interest rate call.
Fed Faces Dilemma Ahead of October 29 FOMC Meeting as Shutdown Delays Key Data
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