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EURUSD 4 HOUR CHART – 1.08 REMAINS THE FOCUS
The move below 1.0800-05 did not reach key supports (low 1.0788), leaving 1.08 as the bias-setting level. To shift the risk the other way, however, 1.0859 would need to trade.
Looking ahead, tomorrow is month end and with US stocks having a strong month, the theory says there could be USD selling for rebalancing purposes. We will discuss this later.
For now, technicals are pointed down but neutralized if EURUSD trades above 1.08.
USDJPY 4-HOUR CHART – DID THE BOJ INTERVENE?
The price action suggests there was intervention, presumably to defend the 158 level. So far, the move down paused dead on at 156.52 support. USDJPY would need to establish below 156.90 -00 to give the upside a breather.
As I posted yesterday:
As I noted earlier, 157.50=00 is the BoJ/MoF’a nervous zone with only the 160.16 high left on charts after that level.
With higher US yields driving the dollar higher, all the Japanese officials can do is threaten as any intervention, unless it was massive and sustained, would likely be met with buyers below the market.
In any case, if in fact it was intervention, it has restored a two-way risk to what was becoming a one-way street and confirms the new line in the sand is at 158.00.
Thinking out loud, perhaps they wanted tio restore a two-way risk ahead of inflation data from the US and Japan on Friday.
This is a timely article posted today given the continued focus on interest rate rates. This is especially timely given the way the dollar has followed the rise in US bond yields.
How Does Monetary Policy Affect the Forex Market?
Tesla Inc. (NASDAQ)
And my favourite, almost dear to my heart…Owner of everything ( except a decent stock) ..
It dropped, it bounced a little and now….sideways to nowhere…similar to the Mars Voyage…
I am really keen to hear some new baloney story coming from its headquarters and how they plan to conquer the world.
GME – GameStop Corp (NYSE)
For wider public this one is better known as JOD ( Joke of the day) and for those that were so hot on buying it on Internet Wise guys suggestions goes under GME Aka Margin Killer.
Lots of hopes and dreams got crushed with this one and net is filled with crazed calls for it’s rising …seems to me that it is way more popular to follow some loony then to listen to the reason…
I got almost hate mail , and expect nothing less than dead threats after posting this on X , FB and so on…
This is a clear “dead cat bounce” ( couldn’t even reach the first Fibo ) case and we should see break of support at 18.30 and subsequent fall through 17.40 …and all that wouldn’t be a big deal if the smart asses weren’t buying it at 50 and above…
And not to forget one of the leaders of the Lemmings tribe – Who’s crying now mate
USDJPY DAILY CHART – ENTERING THE NERVOUS ZONE
As I noted earlier, 157.50=00 is the BoJ/MoF’a nervous zone with only the 160.16 high left on charts after that level.
With higher US yields driving the dollar higher, all the Japanese officials can do is threaten as any intervention, unless it was massive and sustained, would likely be met with buyers below the market.
GBPUSD 4 HOUR CHART – A retracement or more?-
The failure to test 1.28 and a generally firmer dollar has GBPUSD retracing, breaking a minor 4-hour trendline.
Key support levels are below 1.27, most important for me is 1.2674.
On the upside, back above 1.2725, at a minimum, would be needed to slow the risk but only back aboe 1.2750 would neutralize it.
US500 4 HOUR CHART – Death wish or not?
There are times when trying to pick a top in US stocks is like having a death wish and it remains to be seen if this is one of the exceptions.
Looking across different time frames, the 5194 level (your chart level may differ but the red line should be in a similar spot) shows up, suggesting the 5200 area would be a target if this retracement picks up steam.
USDCAD 1 hour CHART – RISK OFF
A risk off tone in equities is weighing on commodity currencies.
As can be seen on this chart, rising red AT lines are showing up momentum with support while above 1.3650.
However, there is a void of key levels on top until above 1.37, which means no obvious stop levels to go after, making the high of the day the closest resistance.
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