I didn’t get time to review some of the cross pairs in my w/e update so here is a brief look now. I’m not too inspired by many of them this week though but I’m not too surprised given the recent US$ movement. The GBP£ pairs might get a shove from either today’s GBP Manufacturing or tomorrow’s Construction PMI data. The AUD$ pairs might be worth a look tomorrow with AUD Building Approvals, Trade Balance and RBA rate data.
GBP/AUD: This is giving us a 4hr chart wedge with some trend lines to watch as it consolidates around the 1.75 S/R area. This 1.75 is a monthly 61.8% fib so worth watching for any reaction.
It is below the 4hr & daily Cloud which is bearish.
Last week’s candle was basically a bearish ‘engulfing’ candle.
G/A 4hr: watch for any make or break out from the wedge that evolves with increased momentum:
EUR/NZD: This is probably the least inspiring pair this week.
It’s trading in the bottom of the 4hr Cloud but below the daily so enough said!
GBP/NZD: I’m wondering if we might get another test of the 1.77 here? There is a bit of channel action on the 4hr chart so watch the trend lines for any make or break.
It is below the 4hr and daily Cloud.
G/N 4hr: watch for any make or break out from the channel that evolves with increased momentum:
EUR/AUD: this is one slow burn and I’m watching to see when we might get a make or break of the major monthly-chart triangle trend line. The 4hr chart is giving us some shorter-term channel trend lines to watch as well.
It is in the 4hr Cloud but below the daily Cloud.
E/A 4hr: watch for any make or break out from the channel that evolves with increased momentum: