Stock markets have broadly cheered the new Greek debt proposal but this package of reform still has to be accepted by the Greek Parliament. The Euro hasn’t rejoiced this result though as either outcome posed problems for the currency. The US$ has capitalised on the result though as has the U/J and global stocks. The FX indices are both still range bound within their respective triangle patterns for now and Gold and Silver are lower as a result of US$ strength.
USDX weekly: still shaping up as a potential Bull Flag or are we heading for a bearish ‘Triple Top’? Trend line breaks might help determine which outcome will evolve:
USDX daily: watch for any weekly close and hold above this triangle trend line to support the Bull Flag scenario:
EURX weekly: shaping up as either a Bear Flag or basing pattern. Trend line breaks might help determine which outcome will evolve here too:
EURX daily: watch for any weekly trend line breakout here:
S&P500 30 min: this chart reveals what a great trend trade opportunity was afforded yesterday following the EU meeting outcome:
S&P500 daily: watch now for any new close above the daily Cloud:
Gold daily: US$ strength and lack of global inflation is helping to put pressure back on to Gold. Watch for any weekly close and hold below $1,145 support:
Silver daily: much the same scenario here but watch the $15 support level:
Forex:
TC Signal: I have had a new TC signal off my recent 4hr candle on the E/U. However, there is a significant support trend line just below current price and this may help to slow any fall. Also, any Greek Parliament Yes vote may add some support to the EUR:
E/U 4hr: a new TC signal off my 7am candle. Watch for support from the trend line though:
E/U daily: a breakdown here though might start a Bear Flag move:
Other Forex:
U/J 4hr: this has made a 4hr and daily bullish candle close out from a triangle pattern. I had stressed to watch for any new close and hold above the 4hr Cloud, 123.15 level and triangle trend line and we’ve had a daily close above all three:
U/J 4hr Cloud: a close and hold above the 4 hr Cloud:
U/J daily: a bullish triangle breakout seems to be underway:
A/U daily: no test of 0.755 yet. No bearish TC signal though either:
Cable 4hr: back below 1.55 but no new bearish TC signal here just yet:
Kiwi 4hr: this is back below the 0.67 S/R level and trying to form a new bearish TC signal:
GBP/NZD 4hr: holding above the key 2.30 level but forming up into a bit of a 4 hr triangle:
GBP/AUD 4hr: holding above the key 2.07 level and testing up at the monthly 200 EMA. A weekly close and hold above this 200 EMA would be another bullish signal here:
G/A monthly: will we get choppy ‘Handle’ action to add to this ‘Cup’?
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