Not much has changed across my FX charts since yesterday and I am wondering if it will take a breakout on Oil to trigger any momentum moves with currencies?
NB: I am still trying to sort a new lap top before I leave for OS this Saturday. Any suggestions for one best suited to charting with a non-matte screen would be helpful. FYI: The lap top market is shrinking!
USDX daily: still ‘fence sitting’ at 95.50 and stuck in the daily Cloud. IMHO: I don’t think we will see much movement across FX pairs until there is a breakout on this index. Maybe on the cross pairs though:
Oil weekly: Oil rallied overnight with OPEC news of a deal to cut production. Keep $50 in your sights as any break and hold above this would support the inv H&S pattern with a target near $70. Any bullish breakout with Oil might help to further underpin stocks and support risk appetite which, then, just might trigger Forex pairs to get moving:
S&P500 30 min: stocks rallied on the OPEC news:
Gold 4hr: maybe a bit miffed here as yield-bearing stocks more in favour? However, consolidation is the main game here and whether this is before a breakout mover LOWER or HIGHER is not clear just yet:
Silver 4hr: still consolidating here too:
Australian Stock market: AUS-200: note how the Inverse H&S shoulder pattern I Tweeted recently has completed. However, another larger Inv H&S seems to be developing:
FOREX: There are many more FED speeches over the next 24 hours as well as one form Janet Yellen and the BoJ Gov Kuroda as well as USD GDP data.
E/U 4hr: barely moved but still above the key 1.12 level and still triangle bound:
E/J daily: is this consolidating before a breakout move lower or higher? 109.5 seems to be the ‘line in the sand’ here.
A/U 4hr: still lurking at the major bear trend line here BUT note the lack of momentum. Thus, watch for any make or break at this resistance zone that evolves with increased momentum:
A/J 4hr: watch for any triangle breakout that evolves with increased momentum:
GBP/USD 4hr: watch for any triangle/channel breakout that evolves with increased momentum:
NZD/USD 4hr: watch for any triangle breakout that evolves with increased momentum:
USD/JPY 4hr: watch for any triangle breakout that evolves with increased momentum. The 99 level seems to be the ‘line in the sand’ level here now:
GBP/JPY 4hr: watch for any triangle breakout that evolves with increased momentum. The 129 level seems to be the ‘line in the sand’ level here now:
USD/CAD 4hr: lower due to the stronger il price helping to boost the CAD$. Watch for any wedge breakout and the key 1.30 level: