The following few stocks are on my radar for future trades. They are primarily NASDAQ stocks given the room to move on the index breakout pattern.
This is just a brief update as I have to head out for much of the day. The US$ remains weak and this has triggered some further bullish breakout moves with the AUD and EUR.
FX has been relatively quiet ahead of the ECB and BoJ rate updates scheduled for later in the week. The miss with NZD CPI got things moving a bit just now though. There are the RBA Monetary Policy Meeting Minutes, EUR German ZEW Economic Sentiment, GBP CPI & a BoE Carney speech plus NZD GDT Price Index data to monitor today.
Last week: the lack of movement with the US$ to start the week kept some pairs choppy and or range-bound for a while but AUD movement triggered a few trend line breakout trades last week. Taking a look at the weekly charts of a number of FX pairs makes me think that we could be in for some mean-reversion and there are a few significant weekly chart-based triangle breakouts worth tracking. US$ weakness kicked in on Friday and, if this continues, we could be in for some trending markets in what is supposed to be the quieter Summer months!
The US$ has finally broken down below the key S/R level of 95.50 and looks set to be headed for some mean reversion. US$ Bulls can relax for a bit longer though.