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Why (my) levels matter (bounce off support to test resistance…see chart)
EURUSD 1.1263 => 1.1237 => 1.1270 Posted earlier… EURUSD 4 HOUR: Resistance noted Extending this week’s high and now faces key resistance at 1.1269 (4 hour) and 1.1276 (daily) ….support… 1.1222-37 blocking a shift in focus back to 1.12.
This historical trend has a 100% track record but…
Will History Repeat and U.S. Stocks Rally After the Midterms?
GBPUSD DAILY: Watch 1.35
While chart shows 1.3568 as the next target,1.3500 is the current obstacle with some hesitation seen just below it.
On the downside, keeps a bid as long as trade is above this week’s former high at 1.3448 but upside contained unless 1.35 is taken out.
Note, next key event is the BoE rate decision on Thursday.
EURUSD 4 HOUR: Resistance noted
Extending this week’s high and now faces key resistance at 1.1269 (4 hour) and 1.1276 (daily), breaks of which would expose the former breakdown level at 1.1324..
If not, then 1.1250 becomes pivotal with support below it at 1.1222-37 blocking a shift in focus back to 1.12.
XAUUSD 4 HOUR: Regains 4000+
Building momentum off higher lows (red lines) that faces a key obstacle at 4083, which needs to be taken out to confirm (high so far 4049). If broken, target would shift to 4155-4200.
If not, still keeps a bid as long as trade is above 3970, stronger bid if 4000 becomes support
Market Update: Indices (1 hour)
These charts say it all and should be put into the history books as examples of whipsaw price action. US500 move above 7605 breaks one hour down momentum while NAS100 needs to take out 28380 to do the same. To confirm on 4 hour charts, 7664 and/or 28756 would need to be taken out.
Forex Market Snapshot
The dollar is trading weaker following the Blue tsunami results in the US midterms as risk tone takes a u-turn to the upside. While the dollar is down across-the-board, the JPY is lagging (USDJPY back above 158) as it loses ground again on its crosses. Elsewhere, EURUSD is firmly above 1.12 (1.1250 now pivotal), GBPUSD has sights on 1.35 but so far pausing just below, AUDUSD (an outperfortmer) is back to .7000+ and USDCAD is lower after failing to hold 1.40+
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USDJPY 4 HOUR: Underperforms
When you see the JPY over or underperform (in this case the latter), it is generally cross flow driven. In this case, it is either EURJPY or GBPJPY or both that has seen USDJPY test 158.60. Market is having more trouble absorbing the USD buy side. The significance of 158.60 is it’s the last resistance ahead of 159.03, which is the top of the current range where the BoJ may be lurking.
XAUUSD 4 HOUR: Liquidity?
Look at the 4 hour (green candle) with a range at 3899 – 3970. It tells you something about liquidity (thin). So it sets up a glass half full (higher lows below 3900) vs a glass half empty (double top). Given the broader trend, onus is on the bull side to take out 3970 to break the downside risk.
USDCAD 4 HOUR: Caught my attention
I am not sure which of these has caught my attention more: 1)Higher low 2) Bounce off the “magic 50 level” (1.3950 is also a 61.8% retracement, low was 1.3941) 3) Move back to the pivotal 1.40 level In any case, 1.4015 is a key level above which would confirm a break of down momentum and allow higher lows to take over if it becomes support.’ If not, upside contained.
out.
