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US 10-YEAR TREASURY DAILY CHART (CFD)
You can see by this chart why the 4.50%ish area is important as it coincides with the low price for the month (higher yields = lower price and vice versa).
So keep an eye on US yields and whether the FX market starts to correlate (e.g. higher yields, firmer USD).
XAUUSD 4 HOUR CHART – POWER OF 50?
While XAUUSD has bounced after failing to reach 2300, it would need to regain 2370 to suggest the low might be in for now.
Meanwhile. it looks like the 2350 level is back in play as the intra-day bias setter.
SUGGESTED READING: My Favorite Trading Secret: The Power of the “50” Level
GBPUSD DAILY CHART – 1.28?
I posted a 4-hour GBPUSD chart earlier (scroll down to see levels) hat showed it lagging but has since shrugged that off (note EURGBP has dipped vs, an earlier bounce).
The daily chart, meanwhile, continues to show upside targets but 1.28 is one of those pivotal, some say psychological, other say options barrier levels that are so far causing a pause.
The key time on this chart is next month when support and the key trendline intersect.
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USDJPY 4 HOUR CHART – PATH PF LEAST RESISTANCE
With the market seemingly not ready to push the upside too hard and prompt intervention, it seems to be following the path of least resistance by selling JPY on its crosses.
Offsets may be one source of demand for currencies like the AUD, EUR and GBP.
For USDJPY, the current range is around 156.50-157.20.
A key focus this week will be on Japan CPI with some seeing the window closing on rate hikes as inflation is cookling.
Suggested reading: Jay Meisler’s Common Sense Trading: How You Can Identify the Path of Least Resistance?
GBPUSD 4 HOUR CHART – LAGGING?
GBPUSD break of 1.2761 so far not going far and is dependent on 1.2761+ to keep a strong bid and then 1.2725 and the trendline holding below it to keep a focus on 1.28+
If you look at GBP crosses you will see where some of the demand is coming from… in this regard, EURGBP bounce from .85 today has seen GBPUSD lag today.
EURUSD 30 MINUTE CHART – Too tight to last
EURUSD testing upside but would need to get through 1.0895 to break the current range.
As this 30 minute chart shows, it has been trading in a 9-pip range for over 2 hours, one so tight that it will not last for much longer (the intra-day range has so far been just 20 pips, 1.0860-80)
So there is nothing to get excited about the upside unless 1.0895 is decisively taken out.
Otherwise, look for 1.o850 tp continue to set its intra-day tone.
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