Here are some charts that have my attention in the lead up to FOMC and the particular levels I’m watching for any make or break activity.
Gold: I’m watching the 4hr chart’s bullish-reversal descending wedge and the major $1,300 level.
- any break and hold below $1,300 will have me looking to the 61.8% fib area on the daily chart as that is previous S/R near the $1,150/45 area.
- Any bullish 4hr chart wedge breakout with momentum will have me looking to the monthly charts major 5 year bear trend line; just visible on the daily chart.
EUR/USD: this has been bouncing along, pretty much in a sideways fashion, for the last 5 weeks but FOMC might give this a shake up.
- Any break and hold below the 1.09, the nearest whole number below current price, will have me looking for a test of the previous low down near 1.045.
- Any break and hold up from the 4hr chart’s triangle trend line will have me looking for a test of the key 1.12 level and then the 1.15:
EUR/JPY: The 115 level is a MAJOR level for this pair and the E/J is sitting right on top of this in the lead up to FOMC. Watch for any make or break from here:
GBP/USD 4hr: watch for any breakout:
- above 1.35: to maybe test 1.40 (S/R on monthly chart).
- below 1.30: to maybe test 1.20 (S/R on monthly chart).
AUD/USD: I’m watching for any break and hold:
- above 0.76 and the three year bear trend line: to possibly target 0.95 as that is the 61.8% fib of the last major swing low move AND the junction of the monthly chart’s bear triangle trend line.
- below the daily support trend line: to possibly target the monthly support triangle trend line (600 pips away).
I’m watching for any make or break of:
- daily chart’s bear TL above price.
- The 100.50 / 100 level below price.
USD/CAD: I wrote an article about this pair yesterday where I suggested looking for any pullback to test the broken wedge TL and or the 1.30 level. Price is pulling back as I type so keep watch of these areas for any test.
GBP/AUD: this might be more a pair to watch with today’s AUD CPI but watch for any make or break from the key 1.77 level:
EUR/AUD monthly: maybe another one to watch with today’s AUD CPI?