A look at the day ahead in U.S. and global markets from Mike Dolan
If Federal Reserve boss Jerome Powell had any inkling of the June U.S. inflation readout when speaking to Congress this week, then today’s critical report doesn’t look like it will prove a game changer.
But given the buoyancy of U.S. (.SPX), opens new tab and world stocks (.MIWD00000PUS), opens new tab at record highs and pretty serene Treasury and interest rate markets, that doesn’t seem much of a bother for global markets right now.
EURUSD Daily
Update :
Support at 1.08200 held overnight and we saw a new daily high.
If it would close this bar just right now as it is , It would be a perfect Pattern for another Leg Up.
Now we have to wait and see…
Be aware of sudden pull backs – Big Data today Economic Data Calendar
But this is very bullish now….
EURUSD Daily
Supports at : 1.08200 & 1.08000
Resistances at : 1.08450/500 , 1.08700 & 1.08900
The angle is right, Pattern very Bullish – two options :
It hits straight to Resistance at 1.08900 – in that case probability is it will Fail to break
It takes a breather and few days of consolidation – in that case we go through the resistance and about another 200 pips up from these levels, just to meet the Major Resistance line at 1.11
GBPJPY DAILY CHART – ALL GREEN CANDLES
Look at this Chart as it speaks for itself.
As I have noted, when two currencies move in oppoitte directions like today (GBP up, JPY down), there is real money driving the moves.
Closest support is just below 205.
This also makes it difficult for the BoJ to intervene as it is more than just a USDJPY move.
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