FX: choppy but a couple of TC trades: By Mary McNamara

It has been a rather choppy start to the week which isn’t surprising given the state of the FX indices and the wait for this week’s Jackson Hole Symposium. The US$ has dipped a bit but support looms ahead. This shift did trigger a couple of breakouts though and some TC 15 min chart trades on the EUR/USD, USD/TRY and Oil. It could be another quiet Asian session given the only high impact data for the day is CAD Retail Sales.

USDX daily: the Bear Flag might be getting underway but watch 92.50 for any support and ‘Double Bottom’ effort:

EURX daily: the Bull Flag might be shaping up here but watch the recent high and the monthly 200 EMA for any resistance and ‘Double Top’ effort:

Trend line breakouts:

EUR/USD: there looks to be a 4hr Flag breakout starting here and the move back above 1.18 is bullish but watch for any ‘Double Top’ activity here too. There was only one TC signal in the European and US session, but, it proved to be a good one worth taking given the small risk and it gave a 7R result:

E/U 4hr: Bull Flag?

E/U 15 min: the small risk needed here of just 10 pips gave a 7R trade:

USD/TRY: this trend line break gave 200 pips and a TC trade worth 2R:

USD/TRY 4hr:

USD/TRY 15 min:

EUR/AUD 4hr: a bullish breakout here but no TC 15 min chart signal:

EUR/NZD 4hr: a bullish breakout here too but no TC 15 min chart signal either:

Others: most pairs remain range-bound in technical patterns so watch trend lines for any breakout activity.

Gold 4hr: still under $1,300 and in the triangle:

EUR/JPY 4hr: range bound here too:

AUD/USD 4hr: ditto:

AUD/JPY 4hr: ditto:

NZD/USD 4hr: ditto:

GBP/USD 4hr: ditto:

USD/JPY 4hr: ditto:

GBP/JPY 4hr: ditto:

Oil: still range bound but it gave a decent TC 15 min trade for 3 R off relatively low risk:

Oil 4hr:

Oil 15 min:

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