The FOMC interest rate hold has weakened the US$, lifted Silver and Gold but rattled stocks and commodity currencies. This is a brief look at some charts in the immediate wash after FOMC and, whilst it may take a few sessions for the US rate news to be digested and for any clear new market trends to evolve, there are trend lines worth watching.
EUR/JPY daily: this daily chart is one of the cleanest and I’m wondering if this is offering the best slow-burn towards a breakout move following FOMC. Keep an eye on the triangle trend lines:
EUR/USD: I consider the 1.18 might be targeted here as it is major S/R:
E/U daily:
E/U monthly: the 1.18 level is long term S/R:
AUD/USD: the delayed US rate hike could be a bit of a game changer for this pair. Add to this that we have a new PM down here and any improved business and consumer confidence could help to support the pair.
A/U daily: gave a spike on the FOMC news but note the daily trading channel. A bullish breakout here though would also affect a move back above a major monthly S/R trend line and would be a bullish signal:
A/U monthly: trying to break back above the monthly support trend line:
GBP/USD: this has moved back up to test the 61.8% fib of the recent swing low move and is also near the previous triangle trend line. I received a new TC signal here yesterday and FOMC ended up being kind to this:
G/U 4hr:
G/U daily:
G/U weekly: whilst there is a bear trend line above price, I’ll be watching for any break of this for a potential move back up to 1.60:
U/J 4hr: Interestingly, not much FOMC reaction here just yet:
GBP/JPY 4hr: an inverse H&S brewing here. Price couldn’t break the monthly pivot and 4hr 200 EMA so watch these for any further tests:
USD/CAD 4hr: we got the trend line break so watch for any continuation:
Oil 4hr: got the trend line break here too so watch for any continuation:
GBP/AUD daily: chopping sideways now given both AUD and GBP strength:
GBP/NZD daily: similar here with no clear breakout either way given both NZD and GBP strength:
S&P500 daily: price is still below the daily Cloud and attempted a bullish triangle breakout BUT it is struggling to break back above 2,000. Watch this level though as any close and hold back above 2,000 would have to be bullish.
Silver weekly: watch for any bullish wedge breakout:
Gold weekly: ditto here:
The post A look at the charts post FOMC. appeared first on www.forextell.com.