US500 4 HOUR CHART – 61.8% tested
5500, as suggested proved pivotal with the move back above it squeezing the shorts.
With the 61.8% level tested, a move above it would suggest the bottom (with a higher low) may be in. Othrwise, it can still be considered a retracement.
In any case, 5500 remains pivotal with a limited downside if it can stay above it.
GBPUSD DAILY CHART – 1.30 Pause
With GBPUSD pausing just above 1.30, it is far enough from its 100 (blue) and 200 (yellow) daily mvas to consider whether this is still just a retracement.
In this regard, see retracement levels using our Fibonacci Calculator
The following is a fresh USDJPY update from a long time, highly respected Global-View member who I nicknamed the Savvy Trader after he called the top at USDJPY at 160-162 well in advance. Since then, he has been kind enough to share his latest view on USDJPY in a series of emails, which we have posted in our blog.
It is 23 years since the terror attacks on 9/11/2001 that changed NYC and the course of history. For those who lived through it, as I did, we will never forget. For a younger generation, it is hard to describe the feeling and emotion of that dreadful day as I sat frozen in front of my trading platform.
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