Trade Update Tue 24th. US$ looking a bit vulnerable.

The main items I’m noting are that the US$ is weaker, with Trump uncertainty being given much of the blame there, and this sentiment has also helped to strengthen the Yen. As well, the GBP is a bit higher supposedly on Brexit fear becoming a bit stale. The technical patterns posted over the w/e have been useful guides and, in many cases, already quite profitable. The US$ is starting to look quite vulnerable as it breaks a recent support trend line however, for the time being, it is holding above the key 100 and above the bottom of the daily Cloud. It could get rather interesting if these latter two supports give way though!

For my morning walk today I was listening to a podcast on ’50 things that made the modern economy’. One episode was on the shipping container and I found it ironic that I happened to be listening to how the USA was one of the first enablers of Trans Pacific trade on the same day that President Trump formally withdrew from the TPP.

USDX daily: the recent support trend line is under pressure but watch the 100 level and bottom of daily Cloud for any support:

Gold 4hr: I had mentioned this could be choppy as Gold is right up under the daily and weekly Ichimoku Cloud now. Watch though if the US$ breaks down through 100 as this could help to keep Gold supported.

EUR/USD 4hr: the triangle is up 50 and, FWIW, there has been a new TC 4hr LONG signal. There is a lot of second tier PMI data today to watch for:

AUD/USD 4hr: still negotiating the major 3.5 year bear trend line. Traders might need to wait and see tomorrow’s AUD CPI before trading this pair:

Kiwi 4hr: up a bit:

GBP/USD 4hr: up 140 and a new TC 4hr LONG signal here. Watch today with the EU Membership Court ruling though.

USD/JPY 4hr: still within the channel for now but it is seeing weakness due to Trump-inspired Yen strength:

GBP/JPY: Both GBP and JPY strength keeping this pair pretty much sideways for now:

GBP/AUD 4hr: this triangle break has delivered 120 pips and a new TC 4hr LONG signal here. Watch today with the EU Membership Court ruling though.

GBP/NZD 4hr: both the GBP and NZD have been stronger so this, too, has been a bit choppy:

EUR/AUD 4hr: a bit higher but choppy too:

USD/MXN 4hr: this delivered a bundle of pips before retracing:

USD/CNH 4hr: still consolidating for the time being:

USD/TRY 4hr: some pips on offer here too from the triangle break:

 

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