Holding patterns everywhere!

Tue 24th June (1 pm Vietnam)

Apart from a little AUD excitement following yesterday’s Chinese PMI data there has been little other market movement. Most instruments are little changed from last week and many seem to be consolidating as they sit at key levels. There is still some high impact EUR, GBP and USD data still to come this week and these items may get things moving but Iraq tension may temper reactions here. US Consumer Confidence and New Home Sales will be keenly watched. I do note that Asian stocks are edging higher today and that the Nikkei is still above the 15,000 level. As mentioned in my w/e write up, I’m looking to see if the NASDAQ can break the ‘Double Top’. If so, the there might be more follow through with US stocks.

Indices: The USDX and EURX are little changed so far this week:

USDX: still looking vulnerable as it trades below the resistance of the weekly 200 EMA:




S&P500: no sign of a correction here yet. Daily and monthly support trend lines are intact and well below price though so some mean reversion, even if just to the daily support trend line, would not be unusual to see:


TC signals: No new TC signals yet this week. The signal on Gold from last week is still open (just!) but has not gained any more. This does have a bit of a ‘Bull Flag’ look to it though. Price has held above the support of the $1,300 and daily 200 EMA levels which is bullish:



E/U: choppy under the daily 200 EMA but holding above the monthly support trend line:


E/J: note the relaxed triangle lower trend line:


A/U: choppy but above the 0.94 S/R level:


A/J: choppy but above the 96:


Cable: also choppy but above the 1.70:


Kiwi: choppy under the key resistance of 0.88:


U/J: still consolidating within the triangle:


GBP/JPY: choppy but still above the 173:


EUR/AUD: channel bound:


GBP/AUD: ditto:


Silver: choppy but holding above the $21.50 S/R level.