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XAUUSD 1 HOUR CHART – RETRACEMENT OVER?
As I pointed out yesterday, 2328 = 61.8% of 2303-2328.
The low at 2332 paused above this level so for now treat the move down as a retracement,
To confirm, XAUUSD would need to move back above the 2350 level indicated on this chart (another example of the Power of 50).EURUSD 4H
May 13, 2024 at 5:10 pm
Support 1.07750 & 1.07500
For the continuation of Uptrend, I would like to see support at 1.07750 holding it’s ground (smaller time frames indicate a test of it )
So that was right on spot…what now?? Let’s see if 1.07900 will give a way for attack at 1.08500.
Small time frames indicates Buy mode…watch for Data today
USDJPY 4 HOUR CHART – WHO’S AFRAID OF THE BOJ>
USDJPY, which stayed bid yesterday even as the USD was softer elsewhere, has extended its high through 156.27 resistance.
Is this the key level that might trigger intervention;
It could be but more likely it would put traders on high alert if it managed to make a move toward 158.
Using this chart, it would need to stay above 156.27 to keep a strong bid but would likely find support below the market unless 155.49 is taken out (assuming no intervention).
POWER OF 50: Notice that yesterday’s low was just below 155.50 and today’s high stalled just above 156.50 (156.54)_, which is another example of the power of the “60” level.
GBPUSD 1-HOUR CHART – LOOKS LIKE IY FELL OFF A CLIFF?
I am using this chart as it looks like GBPUSD fell off a cliff. This may reflect a thin market that has been buying GBPUSD this week.
Whatever the case, the key level on the downside, as pointed out yesterday, is 1.2502 as there is a void of key levels below it. So far, GBPUSD has paused above it.
On the upside, back above 1.2546, at a minimum, would be needed to ease the risk on the downside.
This is the key data day everyone has been focused on, US CPI and Retail Sales. Be prepared with this
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As all global markets spin their wheels waiting for key US data on Wednesday it pays to take a deep breath and. see..
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XAUUSD 4-HOUR CHART – Retracing?
A failure to stay above 2350ish has cooled a fresh bull run.
To contain the retracement it needs to hold 2328 – 61.8% of 2303-2378 (see chart)
USDJPY Daily
Resistance at 157.100
Support 155.750 & 155.950
If we forget about BoJ , this pair is moving Up – it is in Buy mode on the daily.
If you have to play with this pair right now, go with very tight stops, but be aware that in the case BoJ reacts again, they might be executed way lower – so use your margin wisely and go very light to counter that slippage risk.
EURUSD Daily
Resistance 1.08050 & 1.08350
Support 1.07750 & 1.07500
As you can see from the chart, it was rejected at downtrend line 1.08050.
For the continuation of Uptrend, I would like to see support at 1.07750 holding it’s ground (smaller time frames indicate a test of it )
We have lots of Data tomorrow and some very important ones at that!
The current Pattern on Daily can go both ways – so wait for Data .
USDJPY 4 HOUR CHART
USDJPY spikes higher following a tick up in us yields (only a little) following the Fed’s inflation expectations survey.
If you scroll through THE FORUM PAGES YOU WILL SEE MY WEEKEND UPDATE WHERE I NOTED IT MAY DEPEND ON WHAT CHARTS THE BOJ is looking at.
ON THE 4 HOUR, 156.28 IS A LEVEL IT WOULD NOT WANT TO SEE TRADE.
THE IMPORTANT LEVEL IS 157.98 ON ALL TIME FRAMES.
Note, EURJPYÂ came within a few pips of the key 168.65 resistance cited earlier (scroll down the forum)
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