A chart posted here yesterday went on with the anticipated and stalked breakout to give around 350 pips. This is on top of the thousands of pips from stalked trades & charts posted in advance from earlier in the week noted here (over 1,000 pips on offer) and here (3,000 pips on offer). The US$ continues to struggle ahead of the Presidential Inauguration and I’m still watching for a clear technical signal of either continuation or reversal. This hesitation though is helping to shape some consolidation-style triangle patterns on a number of currency pairs.
USDX daily: a bearish H&S pattern still looks to be evolving here and respect of the ‘Shoulder’ at 102 would help to carve out a ‘lower High’ which would support reversal bias. Keep an eye on any break or respect of the 102 or 100 level to gauge the next directional move the US$ index. The Presidential Inauguration and any following commentary/activity could get this index moving:
Price action remains trapped within the Daily Ichimoku Cloud for now with the upper boundary acting as resistance and the lower as support:
Chart from yesterday:
USD/TRY: In my post from yesterday I suggested watching this pair for any triangle breakout. These are the charts from that post:
USD/TRY 30 min:
This is USD/TRY 30 min today following a 350 pip breakout move.
FX Charts in focus now: There seem to be some more Trump Triangles brewing!
Gold 4hr: I’m still watching for any clear-cut make or break from $1,200:
EUR/USD 4hr: another smaller triangle here to watch for any momentum-based trend line breakout move:
AUD/USD: the Aussie is lurking below a major bear trend line derived from a weekly chart triangle: Watch this region near 0.76 for any make or break:
NZD/USD 4hr: a triangle here near the 0.72 level to watch for any momentum-based trend line breakout move:
GBP/USD 4hr: a triangle here too so watch for any momentum-based trend line breakout move:
USD/JPY daily: a Bull Flag? Sam drill though: to watch for any momentum-based trend line breakout move:
GBP/JPY 4hr: this trend line breakout move has moved on for 350 pips now!
GBP/AUD 4hr: a triangle here worth watching for any momentum breakout move:
GBP/NZD 4hr: ditto here:
USD/CNH: the triangle is still brewing here:
USD/MXN 30 min: watch this new triangle for any momentum breakout move: