The US$ climb up above the 100 level continues and this is putting pressure on the likes of Gold, the EUR/USD, Aussie & Kiwi to name just a few. These entities have broken some major S/R levels and in this post I consider the next support levels on each.
USDX: is seems that the whole level numbers are pit stops now that 100 seems firmly behind the index.
USDX monthly: the Bull Flag is taking shape with 120 as the target:
Gold: looking back, that break of support trend line was a pretty good clue! I’m watching for any test of the 78.6% fib near $1,115 and, if that gives way, then a test of the 100% fib near $1,050:
EUR/USD: the 1.045 support level has been broken but I think it would be wise to see where the weekly candle eventually closes:
- Any close back above 1.045 would have me cautious about bearish continuation as price has bounced from there before.
- A weekly close below though would support continuation but perhaps after a test of this 1.045 level:
E/U 4hr: there was a recent TC 4hr Short signal here:
AUD/USD: The Aussie has broken back below the psychological 0.74 level and a weekly close below this level would suggest bearish continuation. If so, I’ll be watching the following levels:
- the recent S/R level of 0.731.
- the long-term S/R and monthly 61.8% fib level near 0.72.
- the weekly 61.8% fib level near 0.71.
- the weekly chart’s triangle support trend line.
Note the monthly chart though and the look of a Bear Flag here. I’m keeping an open mind:
A/U 4hr: 0.731 is a recent Low to monitor:
A/U weekly: note the triangle support trend line:
A/U monthly Cloud: showing monthly and weekly 61.8% fib levels near 0.72 and 0.71 respectively. Note the the look of a Bear Flag here:
NZD/USD: this fell after FOMC and is heading back towards the major 0.70 S/R level. This is major support being the intersection of a 14-month support trend line and significant horizontal support.
NZD/USD 4hr: there has been a recent TC Short here too:
Kiwi weekly: The 0.70 level is the one to watch for any make or break. A weekly close below this region would support a bearish H&S:
NZD/USD monthly: Note the importance of the 0.70 level. Any monthly close below 0.70 would support a longer-term Bear Flag pattern: