A stronger US$ and weaker GBP has helped to trigger some trend line breakouts. Some relative strength across the AUD and NZD helped some cross pairs to deliver moves.
The FX Indices are back to slow moving again and this has kept the FX pairs that I watch pretty much range-bound.
Last week: It was another week with some great trend line breakout trades and TC signals. The US stock indices offered a few excellent trade opportunities and, with the US Senate passing Trumps Tax Reform agenda, the indices just might continue to offer more of the same. Brexit news helped to trigger some great trend-trading opportunities across GBP pairs and may also continue to do so in coming sessions. The same drill applies for trying to catch trend moves on all trading instruments though: watch for momentum-based trend line breakouts from consolidation patterns.
The US$ printed an indecision-style ‘Spinning Top’ weekly candle but closed above 92.50 support. As I write I see that the Trump Tax bill just passed the Senate so watch to see how this news impacts the US$ at market open.
The GBP/JPY has given a decent move this week with a trend line breakout trade yielding 380 pips up to this point in time. However, price has now also broken out from an 11 week triangle pattern and, if this breakout holds, the big moves for this pair could be yet to come!