One of the best features with the TC trading system is that there is no bias and traders simply have to watch out for momentum-based trend line breakouts. As sure as sun follows day chart breakouts tend to follow congestion and last nights ECB news helped to trigger more breakouts to add to this week’s tally. The TC Trial will be winding up in the coming weeks and has delivered very pleasing results from those traders who were able to commit fully to the Trial. There will be more on this at a later date.
This is a brief update of some of the major FX pairs and ASX-200 ahead of today’s AUD Employment data and BoJ and ECB rate updates.
The AUD/JPY is up testing a major S/R zone at 89 and has not made a monthly close above this level since July 2015; a period of two years. Keep an eye out for any new monthly close above this resistance to support a continuation move up to test the monthly chart’s bear triangle trend line above the 95 level.
This is just a brief update as I have to head out for much of the day. The US$ remains weak and this has triggered some further bullish breakout moves with the AUD and EUR.
FX has been relatively quiet ahead of the ECB and BoJ rate updates scheduled for later in the week. The miss with NZD CPI got things moving a bit just now though. There are the RBA Monetary Policy Meeting Minutes, EUR German ZEW Economic Sentiment, GBP CPI & a BoE Carney speech plus NZD GDT Price Index data to monitor today.