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EURUSD 4 HOUR CHART – Magic level a focus]
The failure to test 1.0945 has seen EURUSD retreat in line with a firmer USD.
The key chart support, as I noted yesterday, is 1.0795 but the magic 1.08 level is probably equally important as it will dictate the tone going forward.
On the upside back above the broken 1.0831, at a minimum, would be needed to ease the risk to 1.08.
No data from the US today.
GBUSD DAILY CHART – Bailey turns dovish
The old trading adage that it’s the reaction to news more than the news itself that matters held true in the GBPUSD as it took another leg down after dovish comments from BOE Bailey in an FT article. Price moves (note firmer EURGBP as well) underscore how interest rate cut expectations are driving these markets.
I had to go to the daily chart to find potential support levels on the downside, So far, an AT support at 1.2578 is holding, below it there is one level ahead of the pivotal 1.25.
Hard to chase after a big move but it trades soft below the lower end of intra-day resistance is at 1.2645-75,.
Take a look at the 2 blue AT lines on the daily chart, the failure to test the 2nd line, and how the risk turned to the downside.
XAUUSD 1 HOUR CHART
Posted for HK ab
Preet neat AT chart with the second blue line our Directional Indicator indicating a shift in risk to the downside (retracement)..
Retracement risk while below 2192-95 but only a break of the 2145-55 zone would suggest a deeper retracement.
XAUUSD 2200 is likely to be the ultimate bias setter going forward.
EURCHF Weekly Chart
I am having a bout of PTSD from the 2015 SNB-inspired flash crash even looking at this cross but a GV member asked me to post it.
I had to go to the weekly chart as the SNB surprise rate cut can be seen as a signal it wants to weaken its currency.
The weekly chart shows support as long as it stays above .8692.
On top, the key levels are not until above parity.
