The markets seem to be poised and waiting for today’s US GDP data. Either that, or next Monday’s ‘end on month’ is in focus as many instruments trade near key S/R levels ahead of the October close.
NB: This is the final day of my four week trial and I start to make my way home over the w/e. I won’t be back in Sydney until Wednesday though so further updates might be a bit brief until then.
USDX: price action is just under the key 100 level and holding above 98.50 ahead of today’s US GDP data. The 98.50 will be in focus until Monday though as any close below this on that day would help to shape up a monthly bearish H&S:
USDX daily:
USDX monthly: watch after Monday’s October monthly candle close:
EURX daily: this isn’t rolling over just jet but watch with today’s US GDP:
S&P500: has been lower of late but still, essentially, consolidating until there is a momentum-based break of trend line:
Gold 4hr: consolidating above $1,265:
Silver 4hr: consolidating above a support trend line:
Forex: The E/J and A/J probably have my interest the most at this point:
EUR/JPY: this is back pushing up at a bear trend line and is also just under the key 115 level. Watch for any make at break at this resistance zone with today’s US GDP. As luck would have it there was a great 30 min chart trade here yesterday when I was out for the day:
AUD/JPY: this is also pushing up at a bear trend line and becoming rather squeezed as it pushes up at the key 80 level. Watch for any make at break at this resistance zone with today’s US GDP:
EUR/USD: still below 1.10 and looking a bit messy:
AUD/USD: also a bit messy BUT holding up near the 61.8% fib and 0.76 level ahead of today’s US GDP and this is the region to watch today:
NZD/USD: this has made a bit of a move already during the Asian session but watch the 30 min chart trend lines for any make or break activity:
GBP/USD: some trend lines to watch here too with today’s US GDP:
USD/CAD: continues to plank along above the long-term wedge trend line. I posted this weekly chart last weekend and suggested that any weekly candle breakout would seem to support a move up towards the 1.40 region so watch to see how this closes after today.
EUR/AUD: this pair has pulled back to the 1.44 level which was recent support but will now be resistance. This is the level to watch for any make or break activity:
EUR/NZD: there is still a bit of a ‘Bear Flag’ look to this chart so watch trend lines for any breakout activity:
EUR/CAD: the 1.461 level, weird as it may seem, had been a recent S/R level and price action is back there again now. Watch this level for any make or break activity:
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