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US$ hits some resistance

The US$ stalled at resistance to start the week but traders should watch to see how the DXY reacts to today's FED Chair Powell testimony. My weekend update contained many bullish-reversal descending wedges on Forex pairs and all of these delivered mean-reversion moves to some extent. The GBP/USD ended up being one of the cleanest and best breakout moves.

 

Data: watch for any impact from the FED Chair Powell testimony

 

DXY weekly: a bearish start to the week as Cloud resistance lies ahead:

 

Trend line breakouts:

GBP/USD: one of the best of the descending wedge breakouts.

GBP/USD 4hr: chart from w/e update:

 

GBP/USD 4hr: chart today with the 130 TL b/o move:

 

S&P500 4hr: a 70 point bounce up from the 4,150 level:

 

Gold 4hr: a small b/o move for $10:

 

EUR/USD 4hr: a small TL b/o for 50 pips BUT watch the recently broken trend line 16-month TL for any new resistance.

 

AUD/USD 4hr: a small TL b/o for 40 pips BUT watch the daily 200 EMA for any new resistance.

 

AUD/JPY 4hr: a small TL b/o for 70 pips.

 

NZD/USD 4hr: a small TL b/o for 40 pips BUT watch 0.70 for any new resistance.

 

GBP/JPY 4hr: this dipped a bit during the Asian session but then gave a bullish TL b/o for 150 pips.

 

Other markets:

ASX-200 4hr: has bounced up from the 16-month TL so watch for any push higher:

 

USD/JPY 4hr: choppy around 110 on low momentum: