We have a saying in our house….’waiting for Sue’. It translates as ‘waiting for a long time for something to happen’ and was derived from a time when my husband and brother-in-law spent a lengthy spell at the corner window of a country Pub once as justification for watching out and waiting for a friend, Sue, to arrive. It seem like much FX action is similarly waiting this week, probably not for Sue and more likely for NFP or to see how the ‘North Korea’ situation unfolds from here. Anyway, here is how I’m seeing some of the 4hr charts of some FX and Commodities shaping up today.
NB: I am away from tomorrow until Monday so updates during that period will be brief, if at all. TC Trial Participants: please make sure you prepare your 4hr charts with trend lines prior to next week’s trading.
Watch today with US ADP NFP, ISM Non-Manufacturing PMI and Crude Oil Inventories and CAD Trade Balance data.
USDX weekly : holding above the 95.50 still for now:
Trend line breakout update: there hasn’t been much action this week; probably due to the 4th July US holiday and the wait for NFP.
USD/TRY: this breakout has continued on for 700 pips now. Note how the 15 min chart gave a decent 6R LONG trade yesterday:
USD/TRY 4hr: tally now at 700 pips for this week:
USD/TRY 15 min: the signal just after it triggered yesterday:
USD/TRY 15 min: this went on to give a 6R trade:
EUR/USD 4hr: this has limped down to give just 70 pips but note the revised trend lines:
Silver 4hr: also limped lower for just 50 pips and is holding near the whole-number $16 for now:
Other FX: watch these trend lines for any momentum breakout. However, note with many how low lying the ADX is currently! That’s a bit of a warning to watch and wait for momentum to kick in: