FX: lots of trend lines in focus: By Mary McNamara

The news about the Cohn resignation hit the wires shortly after I posted yesterday’s article. Whilst there has been a bit of FX movement on the pairs I watch, I’m still seeing the same FX alignment and plenty of trend lines under pressure for potential make or break activity.

Data: watch today with AUD Trade Balance data and the ECB rate update.

USDX daily: Looking like another Bear Flag here!

FX Index alignment: it might see rather odd but the FX Indices are still aligned for ‘risk on’.

Trend line breakouts: no new breakouts but two still going….sort of….for now:

EUR/USD 4hr: still thinking that 1.260 might be tested here as this is long-term and major S/R but watch today with the ECB rate update:

EUR/JPY4hr: still thinking 135 might be tested here. The 132 is the next level to watch for any new make or break as, if this cleared, then 135 might be the next stop BUT watch today with the ECB rate update. There is a BoJ rate update tomorrow too!

Other Forex:

Gold 4hr: new trend lines here:

AUD/USD 4hr: holding up very well considering the Tariff talk. Watch today with AUD Trade Balance data:

AUD/JPY 4hr: ditto:

NZD/USD 4hr: holding up relatively well here too for now. Note the revised trend lines:

GBP/USD 4hr: holding up well here too considering:

GBP/JPY 4hr:

USD/JPY 4hr:

Oil 4hr: note how the bottom trend line held…for now that is!

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