There have been two significant trend line breakout trades but many remain in focus in the lead up to President Trump’s address to the joint session of Congress. The USD/CAD has given 120 pips in a wedge breakout and the USD/TRY over 450 pips from its wedge breakout; both wedge patterns charted and posted on this site well in advance of any breakout move. The same drill applies for the remainder now though: watch for any momentum-based trend line breakout.
There is AUD GDP, CNY Caixin Manufacturing PMI, The Trump joint session of Congress speech, GBP Manufacturing PMI and the CAD BOC Rate to come over the next session.
USDX daily: Holding up for now but still below the 102 S/R level and this is the one to watch for any potential bullish breakout.
USD/CAD 4hr: the trend line breakout has continued on to give 120 pips. Watch today with Trump and the BoC:
USD/TRY: this one has continued on now for 400 pips and note how the 15 min chart signals were helpful here. I’d expect some resistance at the 200 EMA:
USD/TRY 15 min:
Others: not a lot has changed but the Aussie and Cable have drifted lower but without much momentum just yet.
Gold 4hr: back below $1,250 and note the new 4hr channel. Not much momentum just now though:
USD/MXN 4hr: this has been promoted up the order given it is testing a decent bear trend line. I would also expect there might be some Trump reference to ‘Mexico’ and ‘walls’ and this pair would no doubt react:
EUR/USD 4hr: still within the daily triangle:
AUD/USD 4hr: lower TL broken BUT not much momentum just yet. Watch today with Trump, CNY PMI and AUD GDP:
GBP/USD 4hr: much like the Aussie, not a lot of momentum. Watch with Trump and GBP Manufacturing PMI.
GBP/JPY 4hr: 139 still key support here for now: