US$ down, Stocks & Comms up but FX? Poised!

The US$ traded lower with the FOMC hold on any rate hike. This rate hold & resultant US$ weakness supported commodities and stocks but the reaction across FX pairs has been rather more considered. Some of the FX triangles have been broken, especially the Yen ones, but others live on to battle out another day.

USDX daily: the index is back at the ‘fence’ position of 95.50:

EURX daily: no joy for the EURX though but any hold of the 100 level might support a bullish-reversal ‘Inverse H&S’:

S&P500 30 min: stocks liked the rate hold:

NASDAQ monthly: another record close on the daily chart for this tech index. This longer-term monthly pattern looks underway but watch for any test of the breakout 5,200 level:

QQQ monthly: the NASDAQ 100 ETF is butting up at major resistance of 120 and is worth keeping an eye on:

Gold: the US$ weakness supported Gold and triggered a new 4hr chart TC signal but check out the 30 min chart which shows the move during the US session. Price is currently struggling at the 61.8% fib of the recent swing low move though:

Silver 4hr: a new TC signal here too:

Oil weekly: this is above the $45 level now so keep an eye out for a test of $50; the ‘neck line’ here!

TC Signals: new signals have triggered on Gold and Silver as noted above. There is a new SHORT on the 4hr U/J too. The 100 is a key psychological level but 99 is a recent low and, if that breaks, then watch the weekly chart fib levels as possible targets:

U/J 4hr: watch for any reaction at 100 and, if that breaks, 99:

U/J weekly: a weekly close below the 100 – 101.50 region would most likely void this inv H&S. One wonders if that might set up a possible ‘Double Bottom’? Would the BoJ stand by and allow this though? Me thinks not.

Other FX:

E/U: watch the 4hr/daily chart triangle trend lines. Note price is ‘fence sitting’ here again near the key 1.12 S/R level:

E/J: this triangle break ended up being a decent trade. Watch for any reaction near 109.50 as this is a recent low:

A/U: the weekly chart’s inverse H&S is the ‘bigger picture’ pattern here:

Cable: this TC signal has closed off and price is back above 1.30. The US$ weakness might help this pair carve its LOW out off this level:

Kiwi: no breakout yet:

EUR/AUD: this pair has delivered a lot of pips in its bearish shift this week and continues to weaken so watch for any test of the bottom triangle trend line:

G/J: this has been one of the moves of the week, this and the EUR/AUD. Watch for any reaction at 129 as this could be a major level being a potential ‘Triple Bottom’: