There hasn’t been much movement with most of the FX majors but that isn’t too surprising given the time of year but here is how I’m seeing the 4 hr charts shape up at the moment. There is a bit of consolidation evident so the usual drill applies: watch for momentum-based trend line breakouts! The Yen pairs sure look like they could do with a bit of a pullback before any potential bullish continuation and I’ve added Fibonacci to help locate potential pullback targets.
Market action is slow and so further blog updates will be brief during the Christmas and the New Year period and I am away for a week as well. I’m giving a lot of thought to what I will be concentrating on next year and there will no doubt be some changes to my blog activity. This blog started as therapy whilst I was undergoing cancer treatment but I’m 5 years clear now, thank goodness! My weekend updates take a fair bit of time to produce and so I am revising how or whether to continue with this regime. I am also exploring options to code my algorithm for use during the busier markets sessions.
USDX 4hr: price action seems to have parked at the whole-number 103 level for the week. The next directional move on the US$ index will no doubt dictate the next directional move on many FX pairs so keep an eye on how this pivots off 103 when the markets get moving again:
EURX weekly: this index is hanging in by the skin of its teeth above the support of the weekly Ichimoku Cloud. A break and hold below this support would seem rather bearish but then the 96 level would be in focus for me:
Gold 4hr: Gold is still below the daily chart’s 61.8% fib, near the $1,170 level, but isn’t moving too far or too fast and there is a descending channel evident here now. Maybe this is just waiting until the US$ decides which way to head next?:
Silver 4hr: Silver is also back near its daily chart’s 61.8% fib too and the key $16 level. This might be waiting on the US$ to get a move on before deciding where to head next:
EUR/USD 4hr: this pair has held below the major 1.045 S/R level but appears in a descending wedge now, the likes of which usually support bullish-reversal! This is, no doubt, another one waiting to see where the US$ heads next:
EUR/JPY 4hr: some triangle action here so watch for any momentum-based trend line breakout:
AUD/USD 4hr: the Aussie is holding above the major 0.72 S/R level which is the monthly chart’s 61.8% fib. The 0.72 looks to be the level to watch for any make or break activity once things get moving again:
AUD/JPY 4hr: some triangle action here too so watch for any momentum-based trend line breakout:
NZD/USD 4hr: the Kiwi is holding below the key 0.70 level and this looks to be the region to watch for any decisive make or break activity once things start moving again:
GBP/USD 4hr: a triangle of sorts on the 4hr chart:
USD/JPY 4hr: a triangle here too so watch for any momentum-based trend line breakout:
GBP/JPY 4hr: a triangle here too so watch for any momentum-based trend line breakout:
USD/CNH 4hr: not much happening here at the moment. There looks to be an ascending triangle in play as price trades just under the key ‘7’ handle:
USD/CAD daily: still in the trading channel: