The AUD/JPY TC LONG signal sure delivered but of more note is that momentum is lacking on the longer time frame across many trading instruments; US$, Gold and the S&P500. This may create opportunity though as trend traders can use any uptick in momentum (ADX) as a signal to get ready. There is CNY Trade Balance data to watch out for today.
USDX weekly: drifting higher but momentum is MIA:
S&P500 weekly: higher here too but little ADX momentum:
XJO: ASX-200: watch for any triangle breakout with increased ADX activity. Watch for any reaction to today’s CNY Trade Balance data:
Gold daily :this has stalled under the major 5 year resistance trend line and momentum for LONG and SHORT is declining. I’m still open to a 61.8% pullback here:
Gold 4hr: is in the Cloud and consolidating within a 4 hr triangle for now:
Silver daily: still consolidating here too under the $20.50 level:
A/J: this has peaked at 310 pips. I set a take profit at 80 though as I think price might struggle here for a bit. Watch for any reaction to today’s CNY Trade Balance data:
A/U: a new signal came yesterday off the 4hr chart BUT price is currently struggling at a major 3 year+ bear trend line (see monthly chart) so I’m expecting choppiness. Note the close and hold above 0.76 though for now. Watch for any reaction to today’s CNY Trade Balance data:
EUR/AUD 4hr: as so often happens, this pair triggered another TC SHORT signal after the previous SHORT signal just failed. I’m not chasing this one though as it’s too choppy. Watch for any reaction to today’s CNY Trade Balance data:
E/U 4hr: a failed breakout attempt so I’ve shifted the triangle. Also, note the failure to break up through the 4hr Cloud:
E/J: this has closed back above the key 115 level and the 4hr Cloud. The question is: Is this the start of a lengthy recovery? Note the bullish-reversal style candle currently forming up on the new monthly candle. One to keep an eye on for sure. Watch for any close and hold above the 4hr chart’s 61.8% fib:
GBP/USD: the GFC LOW of 1.35 is the one to watch with the looming BoE rate announcement. Not much momentum on the daily chart here as we await this announcement:
U/J: the 105.5 is recent S/R here and will be the one to watch for any new make or break activity. Any bullish break above the 105.5 level might target the 106.6 as this is the 4hr chart’s 61.8% fib of the recent swing low move. Note the declining momentum on the daily chart:
USD/CAD: there is little momentum on the daily chart here which helps explain the failure of the 4hr chart’s wedge breakout. The 1.30 continues to be major S/R:
GBP/NZD 4hr: the bounce up from the noted 1.77 level is now over 550 pips!
AUD/NZD monthly: I haven’t completely given up hope here:
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