US$ strength shaped much of yesterday’s FX movement and a number of 15 min chart trend trades were triggered during the Asian session. The US$ index is getting close to a make or break situation with a recent resistance zone and so the success or otherwise there should help shape up its next directional move.
USDX daily: a close & hold above 102 would void the potential H&S so keep an eye on this level. Also, note how price is up testing the thin band of daily Cloud. A break and hold above this resistance would help support a bullish thesis. Watch for how the US$ reacts to tonight’s FOMC Meeting Minutes:
EUR/USD: The EUR/USD is down testing the bottom trend line of the daily chart triangle. Watch for any make or break here and any bearish break would bring the 1.045 S/R level back into focus. Note how yesterday’s 15 min chart trend trade proved to be quite productive:
Gold 4hr: watch the new 4hr chart trend lines for any make or break activity:
Oil daily: there had looked like there might be a daily wedge breakout but price has retreated but keep an eye on these trend lines:
AUD/USD 4hr: still in the 4hr triangle here and just under the key 0.77 level.
AUD/JPY 4hr: bullish as it holds above the 87 level:
NZD/USD: The Kiwi is looking bearish as it has broken below both 4hr and daily chart triangle trend lines. I’ll be watching for any new 15 min SHORT signal and for any move to test the monthly chart support trend line and/or 0.70 level.
AUD/NZD monthly: The monthly chart of the AUD/NZD is front and centre for me whenever I consider the charts of the Aussie and Kiwi. I am open to the idea of some developing divergence between the AUD$ and NZD$, especially as the Kiwi keeps testing support and the Aussie keeps testing resistance:
GBP/USD 4hr: the Cable is looking perky as it tests 4hr and daily chart resistance trend lines. Watch today with GBP Second Estimates GDP data:
USD/JPY 4hr: the 61.8% fib held here but there isn’t too much happening just at the moment:
GBP/JPY 4hr: still coiling within the daily/4hr chart triangle so keep an eye on these trend lines:
USD/CAD 4hr: price has made a bullish breakout from this wedge. Watch with today’s CAD Retail Sales data:
USD/TRY 4hr: I’m still watching for any make or break out from this descending wedge. Watch for any reaction to the FOMC Meeting Minutes:
GBP/AUD 4hr: keep an eye on these triangle trend lines:
GBP/NZD 4hr: I’ve adjusted the 4hr chart upper trend line here so keep an eye on this for any make or break activity:
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