If you had to choose one word to sum up the price action of the FX majors it would have to be Consolidation. However, the S&P500 took a measured march higher that offered up a great low-risk TC signal that delivered up to 5R and the NDX gave a 10 R trade!
TC website update: still ironing out a few issues and this should roll out over next couple of days.
Data: watch today with GBP and EUR CPI, Crude Inventories and the couple of Fed speeches.
USDX daily: watch for any new trend line breakout:
Stocks: whilst there was little happening across the FX pairs I watch there was a slow grind higher on the stock majors.
S&P500 5 min: There was a decent TC signal on the 5 min chart after a break above the Asian trading zone with a low-risk set up that delivered 5 R!
NASDAQ-100 5 min: There was a decent TC signal on the 5 min chart here too after a break above the Asian trading zone with a low-risk set up that delivered 10 R!
Forex: watch charts for any momentum-based trend line breakout.
Gold 4hr: consolidating under the recent high of $1,365:
EUR/USD 4hr: consolidating in a 4hr wedge under 1.26:
EUR/JPY4hr: consolidating in a 4hr triangle:
AUD/USD 4hr: consolidating in a 4hr triangle under 0.78 S/R:
AUD/JPY 4hr: testing in a 4hr triangle support TL BUT watch for any developing Bull Flag!
NZD/USD 4hr: consolidating in a 4hr triangle under 0.74 S/R and, whilst testing support, watch for any developing Bull Flag. Note the lack of momentum…that should spell ‘warning’:
GBP/USD 4hr: back to consolidating after stalling at the recent High. This is the level to watch for any new make or break; especially with today’s GBP CPI:
USD/JPY 4hr: testing support but watch for any developing Bull Flag here too. Note the lack of moment here as well:
GBP/JPY 4hr: back to consolidating after stalling at the 32-month major bear trend line. This is the level to watch here for any new make orbreak; especially with today’s GBP CPI:
Oil 4hr: consolidating under the $67.50 S/R level I wrote about in my w/e analysis:
