FX brief update: By Mary McNamara

A brief update and a bit late today as I had some other tasks this morning. There has been some Yen weakness which helped to trigger a few new trend line breakouts and TC signals. Bitcoin still has me looking for any test and hold of 8,000 to support a potential Wave 3 Elliott move. The Cable is nearing a major S/R level at 1.40 and is worth watching for any new make or break.

BTC/USD daily: still watching for any test of the 8,000 level to support an Elliott Wave 3 style move. However, price action has made it down as far as 9,000 and so this may be the extent of the pullback:

Trend line breakout trades:

GBP/JPY: this has given a new trend line breakout for 130 pips and a new TC signal for 4.5 R:

GBP/JPY 4hr:

GBP/JPY 15 min:

USD/JPY: this has given a new trend line breakout for 70 pips and a new TC signal for 4.5 R:

USD/JPY 4hr:

USD/JPY 15 min:

AUD/JPY: this has given a new trend line breakout for 70 pips and a new TC signal for 4.5 R. Note how price is back at the major 89 level and this is the level to watch now for any new make or break:

AUD/JPY 4hr:

AUD/JPY 15 min:

Gold 4hr: this gave a trend line breakout for just 60 pips thus far:

Other Forex:

GBP/USD: this breakout from last week is now up to 390 pips. Note how price action is edging towards the key 1.40 level. Check the monthly chart to see how influential this key S/R zone is for the Cable. Watch this major 1.40 level for any new make or break:

GBP/USD 4hr:

GBP/USD monthly:

EUR/USD 4hr: consolidating in what looks like a Bull Flag under the monthly 200 EMA:

AUD/USD 4hr: consolidating under the major 0.80 level:

NZD/USD 4hr: consolidating under the major 0.73 level and a 3 year bear trend line:

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