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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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Another One Bites the Dust: Surgetrader Shuts its Doors
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.
USDX 4 HOUR CHART – EURUSD PROXY?
As I noted, with EURUSD representing 57.6% of the index, it often acts as a proxy for the currency.
In this chart, the highlighted red AT line being broken would need to be sustained and then confirmed by a solid EURUSD move above 1.0863 to suggest a potential shift in direction or at least a loss of upward momentum
EURUSD 4 HOUR CHART – TOO TIGHT A RANGE TO LAST FOR TOO LONG’
The best I can say in this holiday-thinned session is how EURUSD ends the week is more important than how it starts.
I can also say that the current 1.0805-1.0895 range is too tight to last for too long.
Is it a coincidence that 1.085, the intra-day bias setter, is also the midpoint of the current range?
Otherwise, chart levels are clear as indicated on this chart.
‘Let me state from the outset that the forex market is one of limits. It’s a fickle market more prone to intra-day reversals than breakouts and sustained moves.
This is why I look at the forex market as trading in episodes rather than trends.
Why You Need to Focus on Trading Episodes and Not Trends
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