GBPUSD DAILY CHART – EMBRACE THE RETRACE
The reality of trading is that trends often need a retracement, even a minot one before it can make a run at a new high (or low).
This seems to have been the case with GBPUSD, which still needs to Get through 1.2846 to challenege the key target at 1.2860.
Note EURUSD lag as EURGBP retreats further from .8460 tested yesterday (last .8428).
Powell is doing a better job today, especially in fending off political hype mongers, including the genius from Georgia who tried to link FED policy with racial matters. He noted intent and attention to the development of a Stablecoin, which will inevitably bury meme crypto “currencies.” They are not currencies. He also clearly noted the recent US fiscal policies are not sustainable. This certainly reinforces the idea of a September rate cut of 0.25%.
Internals showing AudJpy wants to go over the figure, time will tell. Interestingly the sell cycle in Sterling remains intact but internals are a scorching bid, so either Sterling breaks uphill strongly today or tomorrow and establishes a new buy cycle with higher full figure prints targeting 2900 + or continues to decline toward 2780. Perhaps consider the offer around 2900/10.
XAUUSD 4 HOUR CHART – BOUNCE FROM AMAZING TRADER SUPPORT
I will let this chart do the talking and the uncanny ability of The Amazing Trader to identify key chart levels.
2348 held => 2379 then targeted => 2393 is the key recent high
Yield | 6:54 AM EDT
4.273%
——
Anna Hirtenstein, WSJ:
Powell Set for Second Day of Testimony in Congress
As the Fed chair returns to testify, investors will be listening for further clues on the policy outlook.
Coming up:
Powell’s testimony starts at 10 a.m. ET.
Other Fed officials speaking Wednesday include Michelle Bowman, Austan Goolsbee and Lisa Cook.
A look at the day ahead in U.S. and global markets from Mike Dolan
Even if U.S. inflation remains too irksome for the Federal Reserve to sound the all clear, there’s much less trepidation overseas.
Fed chair Jerome Powell gave little away in Tuesday’s congressional testimony, remaining coy about the timing of a first interest rate cut as the price picture remains murky but also doffing his cap to a softening jobs market.
Morning Bid: Calm markets as China skirts deflation, NZ doves coo
© 2024 Global View