Last week: It was a relatively quiet week for trend line breakout trades but that was not surprising given the huge moves over recent weeks. Another feature that might be giving some FX pairs pause though is the fact that they’re sitting near significant long-term S/R levels. This is the case for the EUR/JPY (135), AUD/USD (0.80), AUD/JPY (89), NZD/USD (0.73), GBP/USD (1.40), GBP/JPY (weekly 200EMA), EUR/AUD (1.55), GBP/NZD (1.90), EUR/NZD (1.675), EUR/GBP (0.89) and even BTC/USD ($10,000). Continue reading
Last week: There have been some decent trend line breakout moves and TC signals despite the holiday period. I’ll be watching for any increased momentum as the holiday period subsides, especially as price action for many FX pairs hover near major S/R levels. Stocks, Aussie and US, have been gaining increased favour over recent weeks as well and a link to a new update on this topic is included below.
I mentioned last weekend that the FX Indices had slipped back into alignment for ‘risk on‘ and to watch for any follow-through activity with respective pairs. Since that warning about US$ weakness there has been a 300 pip rally with Gold, 200 pips with Oil, 130 pips with EUR/USD, 85 pips just recently with the Cable and even the Aussie has joined the party! The FX Index Flags look to have triggered so watch for any more of the same in coming sessions. Continue reading
Last week: It has been a bit quiet on the TC front given the lead up to Christmas but there have still been some great trend line breakout trades and TC signals. More technical patterns are setting for the sessions ahead but expect some quiet to continue until after Christmas and the New Year. Wishing everyone a Merry Christmas! There won’t be any updates next weekend as I am away over New Year.