Note: The S/R levels (i.e. 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.
Gold began to surge on Friday as risk appetites dwindled globally in response to the trade war between the US and China and its effects on the global growth.
A complete set to 1303 was completed on the H1 chart. Gold is now meeting a host of offers from 1313 downwards.
After not having enough gas to take the euro down to 1.1110, EURUSD went back to the 1.1175 pivot and is stalling there.
On the intraday orderbook, it looks like the euro is trapped between two sets.
Likewise, cable players are struggling to to find direction.
AUDUSD failed to breach the ceiling at 69.30 for much of last week, but Friday saw the Aussie finally close the week above there.
USDJPY plunged as market players bought yen along with other safe havens, closing below what was earlier thought to be firm bids around 108.55 yen.