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XAUUSD 1 HOUR CHART
Posted for HK ab
Preet neat AT chart with the second blue line our Directional Indicator indicating a shift in risk to the downside (retracement)..
Retracement risk while below 2192-95 but only a break of the 2145-55 zone would suggest a deeper retracement.
XAUUSD 2200 is likely to be the ultimate bias setter going forward.
EURCHF Weekly Chart
I am having a bout of PTSD from the 2015 SNB-inspired flash crash even looking at this cross but a GV member asked me to post it.
I had to go to the weekly chart as the SNB surprise rate cut can be seen as a signal it wants to weaken its currency.
The weekly chart shows support as long as it stays above .8692.
On top, the key levels are not until above parity.
EURGBP 15 Minute Chart – Whipsaw
How to define whipsaw in trading:
Whipsaw in trading describes a sharp increase or decrease in an asset’s price, which goes against the prevailing trend. Whipsaw is different to other reversals because it is characterized by a sudden change in an asset’s momentum shortly after a trader has opened their position.
Today: EURGBP fell to its low after weak EZ flash PMIsand then turned bid after the BOE monetary policy decision
This is a whipsaw
Meanwhile, the chart does not show the key level on top, which is at .8576 (high so far .8573)
On the downside, expect support if .9550 holds.
EURUSD 4 HOUR CHART
I like to look at longer time frames even though I rarely trade using them. What it does is put the current price moves in perspective and help me determine which side to trade from.
What still amazes me looking at this chart is how Amazing Trader algo levels, which I would not have put on a chart drawn manually, often hold, such as the 1.0945 level in this chart (and I created the program).
Looking at the chart, 1.09 will continue to be a focal point until it is established on either side.
In the meantime, expect some support as long as it can hold above the 1.0877 level broken yesterday but on the other side, upside is limited unless 1.0945 is broken (high today 1.0942).
USDCAD 4 HOUR CHART -The Loonie
Looking at this time frame to show a bounce off the key 1.3459 level to keep the current range intact.
Otherwise, the loonie is living up to its name as attempts to build momentum on either side running into roadblocks.
This has kept 1.35 as a pivotal level that will ultimately set direction.
On the upside, only back above 1.3552 would put 1.36 in play again.
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