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USDJPY 4 HOUR CHART – WHERE ISW THE BOJ?
If I was the BOJ I would be concerned over the pace of the USDJPY move so don’t be surprised to see some verbal intervention.
Key levels:
155.20 key daily resistance
153.39 = 61.8% of 161.94-139.58
153.19 = Wed high
152 = pivotal bias setting level
151.40= 200 day mva
150.49 = base of last leg up
US500 4 HOUR CHART – Amazing!
Look at how the Amazing Trader 5764 support held dead on. I created this charting algo and it still amazes me how well its lines/levels work
The break of 5805 was significant, suggesting back above 5800-05 would be needed to ease the risk.
In any case, high is likely in for now. Key level is at 5672, treat any move down as a retracement unless this level is broken.
XAUUSD 4 HOUR CHART – UP LIKE AN ECALATOR DOWN LIKE AN ELEVATOR
Close below 2719 would create an outside day key reversal but not sure how well that works with metals.
High (2758) is likely in for now at least and dependent on 2700 holding to contain the retreat.
On the downside, treat any move down as a retracement unless 2601 is taken out.
GBPUSD DAILY CHART – 1.30 breakdown
If you followed my posts about EURGBP you would have seen the driver of GBP selling.
Now, the 1.30 breakdown makes this the key level, below which downside stays exposed.
Key level is around 1.28, where the 200 day mva resideS..
Otherwise, in the absence of any obvious nearby support, use the most recent low as the first level of support.
USDCAD DAILY CHART – 25 or 50BPS?
Reaction to the BoC decision will dictate whether a 50bps rate cut is discounted or the trigger for a run at the major 1,3946 level…1.3850 would need to become support to put 1.3946 at risk
On the downside, back below 1.38 would be needed to cool the threat
Re the BoC, surprise would be a 25bps rate cut although I saw a Canadian bank calling for 25bps.
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