Political news continues to dictate market sentiment with the stock market selling off in the final moments on news of the raid on President Trump’s lawyer. The US$ has weakened which is keeping the FX Indices divergent meaning shorter term trading remains the preferred trading strategy during this volatility.
Data: watch today with US PPI and Chinese data but keep abreast of the political news-feed as well.
TC Upgrade Reminder: The roll over to the new site will start TOMORROW so please be patient over the next couple of days until this isfinalised. This change will involve a small subscription fee, of $10 AUD per month, for access to SOME of my weekday Posts and ALL of my weekend Posts. I consider this a modest cost for my intellectual property given the time taken to prepare and post the various articles of analysis. I have enjoyed a lot of support over the years and received abundant positive feedback and I hope this relationship can continue with my many followers.
May-June 2018: Just FYI: I will be spending the last week of May and the first three weeks of June in the UK giving my TC system a thorough workout during the European and US trading sessions.
USDX: continues to consolidate with little momentum:
TC signals and Trend line breakouts:
Oil: this was the best TC signal of the day as it emerged out of a relatively quiet sideways market. The TC signal triggered with a breakout from the Asian zone and gave a 3 R signal on the 5’chart and a 5 R signal on the 5 ‘ chart:
Oil 4hr: consolidating but bounced off a support trend line:
Oil 15 min: an internal pattern TC signal but a low risk set up that gave 3 R:
Oil 5 min: as above but this gave 5 R:
NZD/USD: this gave an ok TC signal but it triggered during the Asian session:
NZD/USD 4hr: keep an eye on the 0.73 level:
NZD/USD 15 min a TC signal for just 1.5 R but watch the 0.73 level for any new make or break:
Other Forex: there were moves within the various technical patterns across other FX charts but they were choppy resulting in few acceptable TC signal set-ups off the 15 min or 5 min charts. Watch the 4hr chart trend lines for any new momentum-based trend line breakouts:
Gold 4hr:
EUR/USD 4hr: watch the monthly 200 EMA as well:
EUR/JPY 4hr: was trying to breakout ahead of the Trump news:
AUD/USD 4hr: ditto:
AUD/JPY 4hr:
GBP/USD 4hr: the hold above 1.40 remains noteworthy:
USD/JPY 4hr:
GBP/JPY 4hr: was also trying to break higher but Trump news stalled this:
