Note: The S/R levels (AKA likely bank trader order levels) as depicted in their respective timeframes in this and prior articles have not changed, and will likely NEVER change regardless what happens in financial markets. What follows is my own world view, developed from an institutional trading career dating back to 1995.
China is still on holiday, and there is a lull on the data and events front.
So it’s best to stick to trend following (or range fading) in whatever timeframe you like.
Longterm, EURUSD is pivoted sideways around 1.1380. But you already know this for weeks, if not months.
Drilling down to the H4 chart, daytraders will come to grief because at the current spot of 1.1360, price still has no nearby level to establish any new positions.
Scalpers will find more joy in this market, but look for new shorts, not longs, to target 1.1340, and then 1.1290-00
GBPUSD had been seeing declines from Monday after weak factory and services PMI data.
We had expected the 1.3080 pivot to hold, but the market had other plans. The bulk of the intraday downtrend has now been completed, with price having crossed support at 1.2990 dollars.
Price is now stalling around 1.2930, and markets will have to decide whether to try for the bids forming around 1.2875.
AUDUSD fell away from 72.30 after RBA governor Lowe indicated a future rate cut is possible.
Markets will now either range 71.35 or go on to target 70.35 and then 70 cents.
In the intraday market, the focus is different for scalpers. Scalpers are now trying to decide whether to take the Aussie to 70.50 or 71.50 cents.
USDJPY is continuing to remain married to the 109.50 pivot. Scalpers are are aimless as per the M15 chart below.