Pure technical analysis of EURUSD, USDJPY and Gold. For a view on the USDollar and US10Y please go here
Market is sideways. Price is bullish and approaching overbought levels. Price has failed to break above 111.50 with 112 also seen as a strong level of resistance with 110.50 and 110 seen as support.
Market is bullish and price is moving sideways between 111.50 and 111 due to sideways price action on the US10Y. Selling is not recommended as long as price remains above the 21 and 110.50, the price level marking the previous high.
The 21 and 55 may indicate a bullish market though price action shows that we are currently ranging with our stochastic at overbought levels. The support of the current range marks the top of the previous range between 1.0350 and 1.09/ 1.0850.
Market is bullish though price has failed to make a higher high of the 21. Price is sideways and ranging between 1.0950 and 1.0850. With price currently trapped in this range Bears are either selling at 1.0950 (aggressive with price above the 21) or waiting for a break of 1.0850 and then looking to sell the pullback. With price so high we expect to see price opening at bearish weekly and monthly pivot point levels.
Market is sideways though our daily 21 is still holding as support and price has failed to break below the previous Feb and March highs which means that Gold is not yet bearish. Our stoch is moving down to oversold levels.
Market and price are both sideways with price ranging between the previous high and lows as indicated on the above chart due to our ranging Dollar and US10Y. Trapping price and waiting for a break makes sense while keeping an eye on new monthly and weekly pivot points and confluence with price action support and resistance.
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"When there is a gap you either commit yourself as a professional racing driver that is designed to win races or you come second, you come third or you come fifth. And I am not designed to come third, forth or fifth. I race to win. And if you no longer go for a gap that exists, you are no longer a racing driver." Aryton Senna