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EURUSD 30 MINUTE CHART – HOW I LOOK AT THIS CHART
The lines on my charts are drawn automatically in real-time using the Amazing Trader charting algo
On this chart, the three descending blue (ladder) lines indicate risk to the downside.
The strategy says if putting on a trade, sell with a stop above the most recent blue ladder line that preceded a new low.
Risk stays on the downside as long as the most recent nue line that preceded a new low stays intact.
Vice versa for red lines when risk is on the upside.
US500 4 HOUR CHART -Make or break time for the S&P
Falling blue AT lines indicate momentum continues to build to the downside as equities in general remain under pressure as the reality of a Fed on hold sinks in.
The key focus for all equities is on the S&P 5000 level… it is probably more important than any technical level at this stage.
USDJPY 4 HOUR CHART – TRAPPED FOR NOW
With Japan (and S Korea) discussing the strong dollar with the US, the intervention threat stays on the table. This suggests tacit approval should Japan choose to intervene on its own.
However, given the fundamentals (i.e. interest rates) and a generally strong USD, intervention would likely be a questionable strategy and seen as a stopgap.
With that said, it pays to be on alert after the IMF/World Bank meetings end.
Lookjing at the chart, the current range is 153.87-154.77 but 155 is clearly the market line in the sand,
THIS IS ONE OF OUR CLASSIC BLOG POSTS ON WHAT IT TAKES TO BE A WINNING TRADER RATHER THAN A LOSING ONE
EURUSD 4h
Resistance at 1.07000 & 1.07250
Support at 1.06700 & 1.06500
Told you that this is going to happen. So what now ?
Two options:
–Â Â Â Â Â Â Â Â Â Break above the EMA 50 and test of 1.07500 & even 1.07750
–Â Â Â Â Â Â Â Â Â Meeting with 1.07250 and sudden drop , followed by the break of 1.06000 and continuation of the steep downtrend
Watch for Initial Jobless Claims today and bunch of other US data tomorrow
XBRUSD 4 HOUR CHART (Brent CFD)
Let’s look at the price action in crude following the spike high on geopolitical events and subsequent retreat despite ongoing concerns..
With the focus on interest rates and sticky inflation, the price of energy will play a role as central bank decisiosn on when or how much to cut interest rates.
This chart shows potential for an exhaustion on the upside but would probably have to take out the $85 level to suggest more scope on the downside.
Reminder this is a CFD price feed and levels may differ from what your broker shows. So look at the chart patterns and line them up with your charts.
EURUSD 4 HOUR CHART – JYST A CORRECTION?
As I pointed out, there appeared to be an invisible hand protecting 1.06, which in turn has seen EURUSD correct.
The question then is does the correction have more legs?
On one hand, what has changed is there are no key stops to go after until below 1.06, currently protected by 1.0630.
On the other hand, as the chart shows, the next key level is not until 1.0756, leaving the high of the day at 1.0690 as a key intra-day level which would need to be taken out to extend the retracement.
So, where does this leave us?
It leaves us with a focus on yesterday’s breakout level at 1.0665 needing to hold to keep a bid. Otherwise, look for 1.0650 to exert its magnetic pull.
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