I’m on holidays with family for a couple of weeks and haven’t been checking charts. I’ve just had a quick look this early morning though, before the others rise, but most charts seem little changed since I last looked giving them a ‘gone fishing’ appearance. I haven’t received any new 4hr chart TC signals and, whilst some pairs have certainly moved, the weekly or daily charts of others reveal many simply consolidating within various technical patterns. The advantage here though is that this gives us trend lines to watch for any breakout movement when liquidity and momentum return.
My 6.30 am view here this morning before the rest of the family surface:
USDX weekly: this is still range bound between 92.50-100 and neither the ‘Double Top’ or ‘Bull Flag’ have won out here just yet.
EURX weekly: the reverse case here with neither the Bear Flag or Double Bottom claiming victory yet:
Silver weekly: My bullish descending wedge pattern is still viable here:
Gold weekly: ditto here for Gold:
EUR/GBP weekly: this chart has received a promotion given price action has moved up to near the ‘neck line’ of the inverse H&S pattern that I have been stalking for some time now. The height of this pattern is about 500 pips and technical theory would suggest that any bullish break and hold above the neck line might extend by the same order of magnitude. One worth watching for sure!
E/U weekly: much the same as for the EUR$ index above:
E/J daily: still within a daily triangle:
A/U daily: is this basing here or is it just another Bear Flag building?
A/J daily: consolidating but doing so just above recent support:
GBP/USD daily: much like the A/J…but….is this about to roll over? The EUR/GBP chart might suggest so???
Kiwi daily: is this basing or just consolidating before a move higher?
U/J weekly: some trend line to help guide here:
GBP/JPY daily: this triangle break down move has given a very choppy 350+ pips but the move didn’t come with a clean TC signal. A previous S/R level of 179 is just below price and may offer some support:
GBP/AUD weekly: hanging near the 2.07 S/R level:
EUR/AUD daily: still consolidating within the daily triangle: