The drop with the GBP following w/e Brexit comments was the main focus for Monday but the move of Gold above $1,200 should be noted as well. Otherwise, though, it was pretty quiet due to the US holiday but some pairs are back consolidating within consolidation-style triangles in the lead up to Friday’s Presidential Inauguration event.
USDX daily: I’m still on the lookout for bullish continuation or either for a lower High or lower Low to appear but neither scenario has presented yet. A hold below 102 though would help shape up a lower High and a reversal H&S so keep an eye on that level:
The US$ remains above the daily Cloud for now but there has been a bearish Tenkan/Kijun cross:
Forex: for those pairs with triangle the drill is the same: watch for any momentum-based trend line breakout:
Gold: The precious metal moved above the psychological $1,200 yesterday and has held above this resistance turned support for now but I’d expect this key level to be tested even if it is to hold. Any failure though will have me focused on the 61.8% fib near $1,150. Continuation though will have me looking to the daily chart’s 61.8% fib near $1,280 which is previous S/R and then to the whole-number $1,300 level which is also near the major long-term wedge trend line:
Gold 4hr:
Gold daily:
EUR/USD 4hr:
AUD/USD 4hr:
NZD/USD 4hr:
GBP/USD: There was a trend line break BUT, Interestingly, this move did not trigger any new SHORT TC signal so I’m wary! There is a lot of GBP data out today including GBP CPI data plus the speech from UK PM Theresa May. Watch the 1.20 level for any make or break.
USD/JPY 4hr: still in a channel here for now:
GBP/JPY 4hr: this triangle break, which formed part of a daily chart H&S move, is still developing and up 550 pips now:
USD/CAD 4hr: watch the triangle for any breakout but also keep an eye on the long-term channel trend line. A test and failure of this long-term trend line would be rather bearish. Recovery, though, would support channel continuation:
USD/TRY 30 min: the only 30 min signal from yesterday was a profitable one:
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