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EURUSD 1 HOUR CHART – POWER OF 50
Question is whether EURUSD needs another failed retracement to make a run at 1.05 or will 1,0500-50 prove to be a sticky zone.
For day traders, it is a Power of 50 day with 1.0550 likely to set the tone.
Otherwise, a move above 1.0577 would be needed to slow the threat to key targets at 1.0500-15 and the major one at 1.0446.
XAUUSD DAILY CHART – CRUNCH TIME FOR THE BULLS
XAUUSD is down for the 5th day in a row and about 8.5% from its record 2790 high in just 2 week
CRUNCH TIME FOR THE BULLS::
2546 = next support/target
2543 = 100 day mva
Below 2543-46 would expose 2500 with key support below this level
On the upside, a solid move back above 2600 would be needed to ease the risk.
Markets like certainty and hate uncertainty. The former allows expectations to be formed for what may lie ahead. It is harder to form a consensus when the outlook is uncertain although it does create a backdrop for volatility.,,,
How to Trade in the New Trump Era
BTCUSD 4 HOUR CHART – ANOTHER NEW RECORD HIGH
It has been almost straight up since around 67K, setting another record high at 93555, before correctly back to around 90K.
So let’s keep it simple. 90K will eventually dictate whether BTCUSD has enough behind it to make a run at 100K or back off into a range.
XAUUSD DAILY CHART – Is 2500 a risk?
The failure to hold a bounce above 2600 keeps the risk on the downside.
Next support is at 2545 (suggests 2550 is pivotal) with next support below 2500 although this is likely the line in the sand on the downside.
Back above 2600 would be needed to neutralize the risk.
EURGBP 1 HOUR CHART – Chart speaks for itself
You have seen me focus on this cross as a clue to trading EURUSD and/or GBPUSD o I will let the chart speak for itself to explain the weak EURUSD and lagging GB=PUSD.
As I haver offered before, feel free to contact me (link in the top menu bar) if you want me to elaborate.
US500 4 HOUR CHART – CONSOLIDATION?
I posted this late yesterday and so far, this is just consolidation.
Keep an eye on 5963 as a break would suggest a pause and risk of a retracement.
On the other side, 6000 is clearly a majo pivotal level that will dictate whether this is just consolidation or risk of a deeper retracement.
MUST READ
I suggest reading this article in our blog, especially when the dollar dip after the CPI report, which ran some stops to take out weak longs, did not follow through. It was like a mini retracement.
Forex Trading Tip: How to Use Retracements to Your Advantage
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