US stocks have rallied from a negative open to close higher for the session with thanks to the recovery with Oil. Safe-haven flows to the Yen have slowed a bit in the last session and both the US$ and Gold reversed after an earlier bounce. Better trading opportunities continue to present during the US session but you still have to be nimble!
Oil daily: stocks sure got excited with the uptick here but, really, it remains range-bound within a wedge pattern for now:
S&P500 30 min: down then up meaning you had to be nimble to catch these moves!
USDX 4hr: price action finally broke up through the 50% fib but then stumbled at the 61.8% fib. The FX Indices remains divergent on their 4hr and daily chart time frames and periods like this are often very choppy for longer term (ie 4hr and +) trading:
Gold: Gold finally made a bullish triangle breakout but slammed into $1,250 resistance. This breakout came in the later European session and gave a decent 200 pip short-term trend trade opportunity, as tends to be the case when the FX Indices:
Gold 4hr:
Gold 30 min: a decent 30 min trend trade here after the triangle breakout:
Forex: data today includes AUD Private Capital Expenditure, GBP Second Estimates GDP and US Core Durable Goods and Weekly Unemployment Claims.
E/U 4hr: has bounced up off trend line support. Watch the triangle trend line for any bearish breakdown though:
EUR/JPY: this has slowed as it has reached the 50% fib of its major swing high move. Watch for any make or break of this 50% level in coming sessions:
E/J 4hr:
E/J weekly: any break and hold below the 50% fib would suggest a test of the 61.8% fib near the 115 S/R level:
A/U daily: still in a wedge for now. Watch to see if today’s AUD data can trigger and breakout or respect reactionary move here:
AUD/JPY: the 80 level is only the 50% fib of the major swing high move but, given it is also a major S/R region, it continues to hold price up for now:
A/J 4hr:
A/J monthly:
GBP/USD: this looks like it will close the day below the 1.40 S/R level. Brexit fear continues to plague this pair but watch for any reaction to tonight’s Second Estimate GDP data.
G/U 4hr: note the breakdown from a 500 pip triangle:
G/U weekly: it’s more than 500 pips down to 1.35 but that is previous S/R and a whole number level so it might be a target if this bearish move continues. However, IMHO, any weekly close back above 1.40 would be bullish:
G/U monthly:
NZD/USD 4hr: this keeps looking like it wants to break out higher:
USD/JPY: this is a bit lower but has stalled at what looks like a recent ‘Double Bottom’ that is also helping to shape up a triangle pattern so watch for any trend line breakout here. The monthly chart shows that the 112 area is long term S/R and may help explain why price has landed here and stalled:
U/J 4hr: watch for any triangle breakout:
U/J weekly:
U/J monthly: note how 112 is long-term S/R:
GBP/JPY: this has slowed at the 50% fib of the major swing high move. Watch for any make or break of this 50% level in coming sessions.
G/J 4hr:
G/J weekly: any break of the 50% fib would suggest a trip to the 61.8% level:
EUR/AUD 4hr: consolidating again but still under the 1.55 level:
EUR/GBP weekly: just 100 pips to go with the 500 pip inverse H&S pattern!
The post Ya gotta be nimble! appeared first on www.forextell.com.