FX: Is ‘sideways’ a trend?

The daily charts on quite a few pairs continue in a sideways trend…that is…if ‘sideways’ can be considered a trend at all! The momentum indicator, ADX, on many of these charts is declining and either heading towards or already below the threshold 20 level. Whilst this is mildly frustrating in the short term is does enable easier identification of increased momentum when it finally does start to reappear. There are a few pairs bucking this no-trend situation though: the USD/CAD, GBP/AUD and GBP/NZD.

USDX daily: ranging sideways within a broader triangle:

USDXdaily

EURX daily: similar here:

EURXdaily

S&P500 daily: choppy action across stock markets too with momentum declining here as well:

S&PdailyCloud

S&P500 30 min: this chart shows buyers stepping in off the lows:

S&P30min

Silver daily: still below $15 support but not much momentum based selling yet:

SilverDaily

Gold daily: holding below $1,100 but selling momentum has slowed for now. There might be a pause here until Friday’s NFP?

GoldDaily

EUR/USD daily: ranging sideways within a broader triangle here too:

EUdaily

E/J daily: chopping around above 134:

EJdaily

A/U daily: chopping lower but above a major support trend line ahead of today’s RBA Interest Rate announcement, Trade Balance and Retail Sales data:

AUdaily

A/J daily: sideways ahead of today’s fart of AUD data:

AJdaily

Cable 4hr: I’ve noted the 4hr chart here as this triangle is a 4hr chart pattern. I’m watching for any triangle breakout with increased momentum. We might have to wait and see if Thursday’s huge GBP data-fest day can trigger any breakout:

GU4

Kiwi daily: watching to see if a Bear Flag forms up here:

KiwiDaily

U/J daily: still chopping along the key 124 level:

UJdaily

EUR/NZD daily: a bearish ascending wedge?

ENdaily

Loonie daily: this is a bit of an outlier and no doubt assisted by the move with Oil pricing but a TC LONG signal is close to forming on the daily time frame:

LoonieDaily

GBP/AUD daily: this is still on an upward trajectory for the time being:

GAdaily

GBP/NZD daily: trying to break up through a major monthly-chart bear trend line:

GNdaily

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