GBPJPY Analysis: Key Levels to Watch for Potential Trend Movements
GBPJPY is currently encountering resistance at the 191.30 level. A breakthrough above this point could indicate a continuation of the uptrend from 185.21, with the next target potentially located around the 193.00 area.
The initial support level stands at 190.20. If this level is breached, it may initiate another descent towards testing the 189.02 support level. Further downside movement could target the 188.00 area.
AUDUSD 4-Hour Chart
Similar to USDCAD, AUDUSD had a head fake after the break of .6487 STOPPED DEAD ON AT AMAZING TRADER .6477 SUPPORT
What matters now is how AUDUSD trades vs, .6500 as only back above would neutralize the downside risk.
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The trendline and,6535 are key levels on top.
Why is the AUDUSD trading soft? China economic concerns?
USDCAD 30-Minute Chart
USDCAD backed off after a brief blip through the key 1.36 level (cited here yesterday) in what turned out to be more of a stop hunt than a new leg up.
The day range is 1.3571-1.3605, anything in between is noise.
A break of the trendline drawn of yesterday’s opening low would be needed to deflect risk on the upside in a market that seems to be on hold ahead of tomorrow’s BoC rate decision.
public service announcement, fwiw:
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Judge Strikes Down Law Requiring Corporate-Ownership Disclosure
A U.S. District Judge in Alabama sided with a small business group, saying the Corporate Transparency Act was unconstitutional
A look at the day ahead in European and global markets from Kevin Buckland
An underwhelming kick-off to China’s eagerly watched week-long annual parliament, the National People’s Congress, plus a weak Wall Street close overnight kept risk assets on the back foot on Tuesday, with the very notable exception of bitcoin.
– The Dollar Index retreats as market attention shifts to job data and Fed President Powell’s remarks, impacting its trajectory.
– The EUR/USD pair faces a crucial juncture after Euro-zone inflation slightly exceeds expectations, with the ECB’s interest rate decision shaping the currency’s next move.
Tuesday’s calendar
Tue: US Primary Super Tuesday, Chinese Caixin Services PMI Final (Feb), EZ/UK/US Services and Composite PMI Final (Feb), EZ PPI (Jan), US ISM Services PMI (Feb), South Korean CPI (Feb
See our Economic Calendar
With BTC’s halving cycle in April, we may see more funds flowing into the original crypto. Analysts anticipate a crypto market bull run, fueled by BTC’s latest price spike. BTC’s gains may pour into other assets, leading to a market-wide rally. Some analysts have gone as far as to predict BTC hitting the $1 million mark in 2024.
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