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Gold Daily
Resistance at 2380.00 , 2420.00 and previous High at 2430.00 ( more or less )
Supports at 2330.00 , 2315.00 & 2280.00
Daily is in the Buy mode again, but the Rejection at 2380 area doesn’t look good for further advances.
There is a lot of space that can open to the upper side, but Down side looks more and more attractive.
Right now is in No man’s land….
If stays below 2380, Pattern suggests at least a sizeable correction on the way to the downside.
AS WE SIT HERE WATCHING PAINT DRY IN THIS QUIET FRIDAY LULL, IT IS MY TIME TO GO ON ALERT AS YOU WILL SEE WHEN YOU READ THIS ARTICLE
Why Complacency Can Be a Trader’s Worst Enemy
USDJPY 4 HOUR CHART – BOJ VS. THE WORLD
Looking at this chart, it would normally suggest a run at 156.28 and above.
However, the intervention threat has so far been enough to cool speculative pressures and push USDJPY into the background.
This leaves USDJPY trapped within 155-156.
Use short-time frames if plan to trade USDJPY intra-day.
EURUSD 4 HOUR CHART
EURUSD looks set to trade with a bid as long as it stays above 1.0750 with local support around 1.0770.
Resistance is at 1.0791 with last Friday’s. 1.0818 post-US jobs report high above it (also the pivotal 1.08 level).
This has been a quiet week for US data but that will change next week with key inflation and retail sales reports..
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USDJPY WEEKLY CHART – IF I WAS THE BOJ
If I was the BOJ I would have a goal to break the 145.89 level, where the major weekly trendline will also be at in the coming weeks.
From the savvy trader
They ie funds retail etc will once again buy the dip but all they are doing is creating liquidity to stop the pair from falling precipitously
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