The US$ has broken below 95.50 support but I’m a bit wary ahead of tonight’s data line up of GBP Employment data, FOMC Meeting Minutes and another Fed speech given the potential for one or some of these to trigger spike action. There have been a couple of triangle breakouts but these evolved without triggering new TC signals and momentum still seems to be rather low on many FX pairs. With this in mind, then, this is just a brief look at some of the majors ahead of tonight’s news events.
USDX 4hr: watch to see whether this can scramble back above 95.50 with the FOMC Minutes and/or Fed speech:
EURX 4hr: holding on to the bullish b/o here for now:
Oil weekly: the ‘Inverse H&S’ is still building and the ‘neck-line’ is near enough to $50. The target for this move is up near $70 which is also near the weekly chart’s 50% fib and 200 EMA for added confluence:
Gold 4hr: keep an eye on the triangle trend lines with tonight’s data:
E/U 4hr: there has been a bullish triangle b/o and move above the key 1.12 level. Watch to see if this holds with tonight’s data:
A/U 4hr: keep an eye on TL here too:
GBP/USD 4hr: I’d warned about the potential for some ‘Double Bottom’ activity here and price is now back above 1.30. Watch to see how tonight’s GBP Employment data impacts here though:
NZD/USD 4hr: some decent NZD Employment and PPI data this morning is underpinning this attempt at 0.73:
USD/JPY 4hr: we had a bearish triangle break but no new TC signal. Thus, I’m cautious here too and looking for any ‘Double Bottom’ activity here as well:
USD/CAD 4hr: still range bound here and note the recent respect of the bottom trend line.
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