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NAS100 (NASDAQ) U.S. vs China Headline Risk
- Trying to build momentum off a higher low (24235) but it is hard to suggest follow through given the risk of a U.S.-China trade/tariff war headline.
- Like US500, this suggests more choppy trade unless either side of 23975-25205 is broken.
US500 1 HOUR CHART
XAUUSD (GOLD) Trying to rebuild momentum
- Range is clear at Tuesday’s 4090-4180 (record high)
- It would take more than a short-lived retracement and a break of 4090 and 4040-70 for bulls to give up the fight.
- Otherwise, consolidation while with the range if the mega trend needs to take a breather.
XAUUSD 4 HOUR CHART[JM1]
[JM1]
Markets taking Poiwell comments as dovish, especially equities
Little FX reaction to Powell speech although stocks extending rebound
XAUUSD (GOLD) Trying to rebuild momentum
- Trying to rebuild upward momentum after the sharp retreat from the new record high (4180) found support below 4100 (4090)
- For that to occur 4144 would need to be broken and then become support.
- Otherwise, dependent on 4090-97 holding to keep the focus on 4100+
XAUUSD 1 HOUR CHART[JM1]
Beyond my pay grade to predict whether the new French government will be toppled again.
What does pivotal mean in trading?
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- In trading, the term “pivotal” generally means crucially important or a key turning point
- A pivotal level is a key area on a chart where price action often changes direction from rising to falling, or vice versa. For day trading I fgocus on the “50” level as often acting as a bias setter.
- Traders watch these levels to see if price holds (bounces even after a small break) or breaks (reverses trend) .
- Note how your emotion changes depending on whether a currency, for example, trades above or below the pivotal 50 level
Turning into a Power of 50 day… watch these levels to be pivotal
- EURUSD 1.1550
- GBPUSD 1.3250
My Favorite Trading Secret: The Power of the “50” Level
EURUSD: On the defensive but still within its range
- On the defensive butso far holding off a run at the 1.1541 low to contain the downside.
- However, would need to break the intra-day high at 1.1594 to fully negate today’s downside threat.
What does logic say?
Dollar upside should turn cautious (i.e limited) the closer we get to Fed Chair’s Powell’s speech today at 16:20 GMT (12:20 EDT)
EURUSD 1 HOUR CHART
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