Both FX indices remain trapped in Flag patterns and they’ve been like this for around three months now. So, if you’ve been struggling to find some decent trends with your FX pairs then that is probably why. FWIW: I don’t see the return of any decent trending FX markets until one or both indices breakout from their Flags.
I’m back from holidays and slowly getting back into charting. There seem to be plenty of FX trend lines to monitor for potential breakouts this week, a fact which is rather pleasing.
The US$ index closed higher for the week but so, too, did the EUR index. The US$ remains trapped in a recent trading channel and I still consider we need to see a decisive breakout before decent trending FX markets will return.
It is a shorter trading week this week given the Monday holiday in the USA (Columbus Day), Canada (Thanksgiving) and Japan (Health-Sports Day). Here are just a Forex few charts showing trend lines worth watching for any new breakout. NB: I’m still away on holidays.
I’m away at the moment but here are just a few charts I think worth keeping an eye on for active FX traders.