The US$ remains below the key 100 level and any hold below this support-turned-resistance will impact sentiment across many FX pairs. Some of the breakout signals noted yesterday have continued to deliver more pips and there have been two further breakouts. The GBP/USD is in particular focus as it attempts a 1,400 pip daily triangle breakout.
USDX daily: price remains below 100 and this level, once support, will now be resistance. Note that price remains below the daily Cloud and recent triangle pattern as well.
Breakout trades: updates on existing and new technical breakout trades:
Gold 4hr: has given 160 pips now but is struggling at the $1,250 level which is the one to watch for any make or break from this point on:
GBP/USD: the Cable remains just above a significant daily chart triangle trend line and technical theory would suggest that any bullish continuation has the potential to move by the order of about 1,400 pips as this is the height of the triangle. Thus, I’m keenly watching the smaller triangle here for any new breakout; higher or lower! Watch today with GBP Retail Sales and the Fed Chair Yellen plus other Fed speeches.
GBP/AUD 4hr: this has now moved on to 220 pips but note the new consolidation:
AUD/JPY 4hr: now up to 120 pips:
USD/JPY: this wedge breakdown has given 100 pips. Note how the 15 min chart helped to identify this breakout move but that momentum may now be easing off as price drifts up through the 15 min Ichimoku Cloud:
USD/JPY 15 min:
GBP/JPY: this move has spiked down 100 pips but note how the 15 min chart helped identifyy this breakout with a new TC signal on the break of this trend line!
GBP/JPY 15 min:
EUR/JPY 4hr: note the bounce at the 61.8% fib!
NZD/USD 4hr: a real survivor here this week. Watch the smaller and larger triangle trend lines:
GBP/NZD 4hr: revised trend lines here to watch around the key 1.77 level:
EUR/AUD 4hr: revised trend lines here too:
USD/MXN 4hr: the 19 level is a HUGE S/R zone here to watch for any make or break:
USD/CNH 4hr: two triangle to monitor here:
USD/TRY 4hr: revised trend lines on this pair: