The US$ has strengthened overnight but many currency pairs continue consolidating within 4hr chart patterns; the USD/JPY and AUD/JPY being two exceptions though. At least this gives us trend lines to watch for any momentum-based breakout moves on the other pairs.
USDX daily: Yes it’s higher BUT the index is still below the 102 level and stuck in the daily Cloud. Both of these need to be cleared before US$ Bulls can celebrate. In fact, to me at least, the bearish H&S looks to be shaping up more clearly now! Watch again today with US CPI and Retail Sales data and another Fed Chair Yellen speech:
Forex:
Gold 4hr: consolidating under the $1,250 level. Does anyone else see this as Bull Flag like?
EUR/USD 4hr: still within the descending channel:
AUD/USD 4hr: an ascending triangle under the 0.77 level. Watch with today’s US data and second tier AUD data but, also, tomorrow with AUD Employment data:
EUR/JPY daily: Flag bound still:
AUD/JPY 4hr: this looks to be one pair that might have broken out. Next stop 89?
GBP/USD 4hr: still triangle bound with low momentum. Watch today with GBP Employment data.
NZD/USD 4hr: still below the 0.72 level but not falling too far or too fast. This is setting up a potential bullish-reversal descending wedge pattern. Keep an open mind here:
USD/JPY 4hr: this has broken up and out of the bullish wedge on the back of the Fed Chair comments and decent US PPI data. Watch with today’s US data:
GBP/JPY 4hr: watch the upper trend line here today with GBP Employment data:
USD/CAD 4hr: still triangle bound here above the 1.30 S/R level. There is CAD Manufacturing and Crude Inventory data to monitor today:
GBP/AUD 4hr: not much momentum here:
GBP/NZD 4hr: not doing too much just yet at this long-term bear trend line:
EUR/NZD 4hr: coiling in a triangle with little momentum:
USD/MXN 4hr: the 20 and 20.15 levels are just below current price and seem to be offering decent support:
USD/CNH 4hr: wide ranges for this consolidation:
USD/TRY 4hr: getting to the pointy end of this triangle:
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