US stimulus has resulted in a lower US$ and a second day of gains for stocks. The Covid-19 situation has a long way to go for most western countries so this latest risk-on enthusiasm should be taken with extreme caution. As always, adjust trade size and risk appropriate to these volatile and uncertain market conditions.
Data: Coronavirus remains the main theme to monitor but watch for impact from the BoE rate update and US GDP data.
DXY daily: note the break of the support trend line BUT watch for any potential Bull Flag. Weakness though would bring 98 back into focus:
Trend line breakouts:
S&P500 4hr: this TL b/o has now given up to 150 points:
ASX-200 4hr: this TL b/o has now given up to 380 points:
Gold 4hr: this TL b/o has now given up to $130 BUT watch $1,600 for any new make or break:
EUR/USD 4hr: this new TL b/o has given up to 50 pips:
AUD/USD 4hr: this TL b/o has given up to 200 pips:
AUD/JPY 4hr: This was always going to be a tough TL b/o to chase as it had already had a good run to get there. However, there has been a new TL b/o BUT watch 67 for any new make or break:
NZD/USD 4hr: this TL b/o has given up to 60 pips:
GBP/USD 4hr: this TL b/o has given up to 80 pips BUT watch 1.20 for any new make or break:
GBP/JPY 4hr: this TL b/o has given up to 250 pips:
Oil 4hr: watch for any momentum-based trend line breakout:
USD/JPY 4hr: watch 112 and for any trend line breakout: