FX indices still range bound but Cable looking perky by Mary McNamara

The USD and EUR dollar indices still remain range bound in their respective triangle patterns given there hasn’t been any major news to trigger a breakout just yet. The week is young though and we still have the Greek debt negotiations and US Fed Chair testimony to come. The submission of Greek reforms looks to have been delayed which may prolong matters here and could have this dovetailing in with the release of Janet Yellen’s testimony. We could be in for a roller-coaster FX ride if this is the case! US stocks are trading a bit lower but this isn’t too surprising given the champion effort that most of their stock indices put in last week.

USDX 4hr: still triangle bound:

USDX4

USDX daily: I’m still preferring to see a break and hold beyond either 95.5 or 92.5 to be confident of the next major move:

USDXdaily

EURX 4hr: the triangle has been adjusted to capture last weeks low and this pattern is still holding price action for this week:

EURX4

EURX daily: a breakout might help to clear up whether this is a bottoming pattern or a Bear Flag:

EURXdaily

S&P500: a down day for sure but the trend remains up:

S&PdailyCloud

Silver and Gold: both are still quite choppy:

Silver: bouncing up off $16 and trend line support:

Silver4hr

Gold: trying to hold above $1,200 and channel trend line support:

Gold4hr

Forex TC Signals

A/U: this A/U signal has closed off for a loss BUT I had stated it would not be worth taking unless there was a break and hold above 0.785 which did not evolve. I will still record this as a loss though of -50 pips.

AU4

Loonie: there was a new TC signal on the USD/CAD during my night but I am cautious here too. I’m reading there is some chatter about a potentail OPEC meeting which would impact price action here. Also, I noted over the w/e how the monthly USD/CAD chart had a potential Cup ‘n’ Handle pattern setting up which could mean we might be in for a bit of sideways chop here. Thus, I’d want to see a clear breakout from the recent triangle pattern before thinking of taking this signal:

Loonie 4hr: waiting for any triangle breakout here before taking the new TC signal:

Loonie4hr

 Loonie monthly Cloud: showing the potential for a Cup ‘n’ Handle pattern:

LoonieCloudMonthly

Loonie monthly: price is currently stalled at the 50% fib of the major 2001-2007 bear move and so it might ‘park’ here for a while; thereby helping to form up the ‘Handle’ of a possible Cup ‘n’ Handle:

LoonieMonthly

Other FX:

Cable: this is the one that has most of my interest at the moment. Price is higher again and is back up under the key 1.55 resistance level. This is also the region of the top of the daily Cloud and any break and hold above the Cloud will be quite bullish:

G/U 4 hr: back up testing 1.55:

GU4

G/U daily Cloud: a break and hold above the Cloud would be bullish:

GUdailyCloud

E/U: still range bound in a holding pattern:

EU4

E/J 4hr: similar here; above a support trend line but below the key 136:

EJ4

A/J 4 hr: drifting too:

AJ4

 Kiwi 4 hr: still drifting along the 4hr 200 EMA:

Kiwi4

U/J: also range bound on the daily chart but still above 118.5 support:

U/J 4hr: above 118.5:

UJ4

U/J daily: triangle bound here too:

UJdaily

GBP/JPY daily: testing a bear trend line on the daily chart but no TC signal on the 4hr chart:

GJdaily

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