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EURGBP DAILY CHART – BREAKOUT MODE
The key level on this chart is .8715, now needing to hold the,8620 break to expose it.
On the downside, it keeps a risk on the upside as long as it stays above .8550, stronger while above the.8585 breakout level.
Even if you don’t trade EURGBP you can use it as a clue to trade GBPUSD and EURUSD as I explain in
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‘How you Can Use Currency Crosses to Trade Spot ForexGBPUSD WEEKLY – HOW LOW CAN IT GO?
I had to go to the weekly chart to find the next key level that is not until 1.2035.
That may be a reach as it would imply a much stronger dollar but that is what this chart shows following the break of 1.2499
If trading the GBPUSD, keep an eye on EURGBO as this was the flow that sent it lower on Friday.
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.AS TRADERS, SHOULD WE WORRIED THAT WE WILL BE REPLACED BY AI AND BOTS?
THIS QUESTION IS DEALT WITH IN THIS INSIGHTFUL BLOG ARTICLE POSTED OVER THE WEEKEND.
XAUUSD 4 HIUR CHART — CONSOLIDATION OR CORRECTION?
I have asked this question before and the jury is still out although technicals are tiled towards correction as long as it stays below 2402.
With that said, the key level remains untouched at 2318. To put it at risk, a move below 2350 would be needed (the low of the day so far is at 2351).
USDJPY 4 HOUR CHART –Â Stalemate
This caught my attention
The latest positioning data from U.S. futures markets showed hedge funds and speculators increased their aggregate net short yen position in the latest week to a new 17-year high. (Reuters)
… despite the threat of intervention
As the chart shows, the bottom of the range was extended after a (false) intervention scare while the top end represents a 34-year high.
For Monday, there seems no catalyst for an attack of 155 but will stay on the radar as long as 154+ trades.
IF YOU ARE LOOKING FOR A WAY TO IDENTIFY WHAT FLOWS ARE DRIVING THE FOREX MARKET, READ THIS ARTICLE POSTED IN OUR BLOG TODAY.
Week Ahead 22nd-26th April: Highlights include US PCE & GDP, BoJ, PMI data
FULL PREVIEWS AND ANALYSIS
Week Ahead 22nd-26th April: Highlights include US PCE & GDP, BoJ, PMI data
EURUSD Daily
Resistance at 1.07000 – If holds , we’ll have the Downtrend speeding up
Support at 1.05900 – if Taken out, the road will be open for attack at first 1.05450, then comes 1.04900 and finally The Last line of Defence at 1.04150.
GBPUSD WEEKLY CHART – MOMENTUM BUILDS ON DOIWNSIDE BREAKDOWN
GBPUSD breakdown below 1.2499 saw a late end-of-the-week nosedive as shifting interest rate cut expectations weighed on it.
Note my post on Friday about EURGBP pressuring GBP down.
As you can see on this chart there is a void of key levels until just above 1.20. This leaves the most recent low as the nearest support.
Resistance starts around 1.2400-10 with a bear bias as long as it trades below 1.2499.
