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Using my platform as a heatmap
USD is up as market seems to be biding its time ahead of tomorrow’s US CPI
EURUSD still within 1.05-1.06 where Power of 1.0550 sets the bias
USDJPY found support above 150.77… needs to stay above 151.21 to keep a strong bid but t52 a potential obstacle
GBPUSD lagging… note weeaker EURGBP
USDCAD broke its 1.4178 key high but so far not following through
AUDUSD an underperformer (NZDUSD as well), falling after RBA but holding above Monday’s .6372 low
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With EURUSD trading at 1.0550…
For those not familiar with this term or those who would like a reminder, see this popular articles in our blog
My Favorite Trading Secret: The Power of the “50” Level
EURUSD Daily
Supports : 1.05250 , 1.04600 & 1.04200
Resistances: 1.05950 , 1.06300 & 1.06950
Close tonight above 1.05550 would give another chance to EUR to push it Up.
Below 1.05400 things are going to start being quite unpleasant for EUR Bulls, but until 1.05250 taken out, it can still go back Up.
BTCUSD – Bitcoin
Bitcoin failed to materialise gains on current crypto frenzy , after coming close to 105K – level that I mentioned several times in previous days/weeks as one of most probable Profit taking levels.
Supports now come at : 92.900 , 89.800 & 86.150
After this savage profit taking , time will be needed to calm down the panic and convince buyers that it might go if not more, at least to reach 105 level again.
ETHUSD – Ethereum
Why is Ethereum (ETH) price down today?
Ether ETHUSD price has declined 3.94% over the past 24 hours, its steepest correction since Nov. 14. After retesting its psychological level at $4,000 on Dec. 6, the altcoin is forming another higher low in the charts.Ethereum long liquidations drag price below $3,800
USDJPY4 HOUR CHART – 150 PATTERN BROKEN?
I have been highlighting the (7-day) pattern around 150, which will likely be broken on Tuesday unless 150 trades again.
This would be a bullish signal that would target the 152 area next BUT ONLY IF 151.21 becomes support.
Otherwise, support zone is 150.77-151.21, only back below 150. 50 would put 150 in play again.
AUDUSD 4 HOUR CHART – WAITING FOR THE RBA
An outperformer to start the week, boosted by China economic stimulus hopes (note firmer AUDJPY).
Brief break of .6445-55 leaves this area as needing to become support to shift the risk to .65
Resistance is at Monday’s .6471 high, key support is not until .6372.
Event risk: RBA decision
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