Stalemate: 2 week range: 1.6127 – 162.84

Trades bid while above 162 but BoJ intervention threat restraining a stronger push up.

So far unable to sustain momentum off higher lows (red AT lines) after extending high to 1.1482.

For momentum to build, EURUSD would need to get through 1.1508 = 61.8% of 1.1622 => 1.1324

Failure to hold 1.35+ has seen a move below the 1.3461 breakout level

Catalyst: EURGBP bounce back above .8500 has been a weight on GBPUSD while EURUSD lags and trades a tight range. See upcoming article on using crosses to trade spot currencies.

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IS BTCUSD bid or bid in an offered market?

Answer: Jury is out unless 65525 is firmly broken (came close) on the upside or 60/61K is broken on the downside

If you followed our USDCAD posts you will learn a good lesson on how directional signals can come from a break of a pattern trading around a key round number.

In this case it was a break of a 12-day pivoit around 1.,42.

Trying to correct but upside stays at risk while 7528 holds as support.

If not, then fallback is 7500, which keeps a bid as long as it holds.

Momentum trying to build to the downside (2 blue AT lines followed by a break of 29091, brief so far) and dependent on 29K (more psychological than technical) holding to [prevent exposing the key 28678 low.

Back above 29091, would cool but then 29592 needed to negate the risk

Consolidating between 83.45 and 86.58 on this 4 hour CFD chart

For the current rebound to build further momentum, 88.00+ would be needed (87.68 on this chart)

Expect choppy trade to continue while within 4000-4100 with key levels outside of it at 3983-4103.

This leaves 4060 as a neutral bias (sentiment) setting level (currently trading below it in a tight range).

It is said that one picture says a  thousand words. In this case it is these two charts indicating the impact of EURGBP on GBPUSD over the past two days (i.e. market having more trouble absorbing the GBPUSD side of the cross flow).

Note how GBPUSD (lower high) and EURGBP (higher low) are mirroring each other.

A lower GBPUSD high (2 blue AT lines) indicates time for a pause where 1.35 needs to hold to keep a strong bid with fallback support as long as it trades above yesterday’s 1.3461 breakout level.

Keep an eye on EURGBP, which has bounced today, and taken some pressure off the GBPUSD upside, suggesting whatever sell order was behind the GBPUSD surge yesterday has been filled.

Testing daily trendline

Testing .7000, a pivotal level, which if broken opens the door to .7068, the AT target and level that needs to be broken to put the nail in the coffin of the downtrend.

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NAS100 tested stubborn 29853 resistance again, holding so far and remains the obstacle to 30K‘

Needs to hold 29538 holding (on this CFD chart) to keep risk pointed at the high.

Post-PPI spike tested, held 7582 resistance.

Now dependent on 7539 holding (on this CFD chart) to keep momentum pointed up at the high.

Major downtrend

4^th weekly drop triggered by the break of .8596 has EURGBP aiming for pivotal .8500 (needs to hold to check the downside) with a void of support until .8355.

Expect choppy trade while within 4000-4100 with key levels outside of it at 3983-4103 as that is where stops likely lying.

Within 4000-4100, the 4050 level is likely to be pivotal in setting its trading tone (currently below it).

Performing like a textbook according to my logic:

Break of 12-day pivot (last Friday) sent a bearish directional signal

While technically in a daily uptrend, it would need to take out 1.3461 to confirm. High over this period has been 1.3452 with a lower high yesterday at 1.3442.

For the lower high to be anything but a pause, 1.3322 would need to be broken.

Nothing to get excited about.

EURUSD downtrend in a nearly 2-week consolidation between 1.1361-1.1462 (top end tested again yesterday) with the broader range at 1.1324-1.1473 (where there would be key stops), rewarding range traders at the expense of those hoping for breakouts.

Trying to build up momentum where a break of 65543 is still needed to fully negate a downside risk and shift the risk to 67+

Otherwise, range is still 61-65K

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NAS100 getting a lift from cool US core CPI but still needs to take out a stubborn 29853 resistance to build momentum for a run back to 30K+.

Otherwise, more chop expected and dependent on 29K+ trading to keep a bid.

US500 spike higher following tame US core CPI would need to take out 7582 to build momentum on the upside.

Otherwise, dependent on 7500 holding as support to keep a bid.

Post CPI pop would need to take out 1.1462 (tested) and 1.1473 (also 50% of 1.1622 => 1.1324) to put 1.;15 and 1.1508 (61.8%) on the map.

Otherwise, focus stays on 1.1450 to set its intra-day tone but with a limit on its downside while above 1.1430.

The move above 78.83 on this CFD chart) confirms the break of downward momentum and the low is in for now.

With next key levels far away, it likely leaves a focus on $80 to set its tone.

Pause above 1.3322 support so far checking downside but to negate current down momentum that started with last week’s 1.3451 high, 1.3412 (blue AT line) would need to be broken.

This leaves GBPUSD consolidating with a weaker EURGBP providing some support.

While up momentum is building on other time frame charts, the daily chart shows .5864 as the level that would need to be broken to break the back of the downtrend and confirm the low in in.

Otherwise, upside will be contained but still keep a bid as long as it trades above .5743 (4-hour support).

There are times when pivotal round number prove to be more important in setting trader sentiment than any specific chart point.

One of those pivotal levels is XAUUSD 4000, with a bounce Back above it following a pause above 4060 3960 and 3942 supports has cooled the downside risk but not negated it.