It is a shorter trading week this week given the Monday holiday in the USA (Columbus Day), Canada (Thanksgiving) and Japan (Health-Sports Day). Here are just a Forex few charts showing trend lines worth watching for any new breakout. NB: I’m still away on holidays.
Calendar: There isn’t much ‘high impact’ news this week. One item each for the GBP and EUR and the rest for the USD:
USDX daily: this index closed higher for the week and it looks like a channel breakout is starting BUT the jobs report, despite showing a drop in the unemployment rate and better wages component, showed jobs were shed and this could undermine momentum here. Thus, keep an eye on the upper channel trend line for any new make or break:
USDX weekly: if bullish momentum continues then I’ll be watching for any test of the 100 level:
EURX weekly: despite the uptick with the US$ this index finished higher for the week too and is still in a Bull Flag for the time being:
Forex:
Gold daily: the 61.8% fib has held here for now but keep watch here for any new make or break:
EUR/USD 4hr: a bit of a Bull Flag look here too! Watch the trend lines for any new breakout:
EUR/JPY 4hr: continues to consolidate under 133. Watch the trend lines for any new breakout:
AUD/USD 4hr: A bit of a bullish descending wedge appearance here despite the recent weakness. Watch 0.77 S/R and the trend lines for any new breakout:
AUD/JPY 4hr: Note the 61.8% fib support here. Watch 0.87 S/R and the trend lines for any new breakout:
NZD/USD 4hr: A bit of a bullish descending wedge appearance here too despite the recent weakness. Watch 0.71 S/R and the trend lines for any new breakout:
GBP/USD 4hr:The pullback continued last week so watch the major 1.30 S/R level with GBP Manufacturing data this week. Watch the trend lines for any new breakout:
USD/JPY: still consolidating under a weekly chart bear trend line and 115 S/R.
USD/JPY 4hr: Watch the trend lines for any new breakout:
USD/JPY weekly: not a lot of momentum here just yet but it does look to be ticking higher. The 115 level seem the one to watch though as this intersects near the longer-term bear trend line:
GBP/JPY 4hr: consolidating near 147. Watch the trend lines for any new breakout:
GBP/AUD4hr: consolidating under a major bear trend line. Watch the trend lines for any new breakout:
EUR/NZD 4hr: consolidating under a major bear trend line too! Watch the trend lines for any new breakout:
AUD/NZD 4hr: continues to consolidate under 1.10. Watch the trend lines for any new breakout:
USD/TRY 4hr: this breakout continues and I’m watching for any test of the 61.8% fib:
