FX majors: in ‘wait and see’ mode by Mary McNamara

The FX indices remain choppy and this is flowing into the major FX pairs. US ADP data was weaker than expected and this raises concern for how Friday’s NFP may play out. A weak print with this data could undermine the US$ and trigger a new, counter-trend wave move of FX trends. The lack of momentum on many pairs suggests they’re in ‘wait and see’ mode until after this data.

E/U 4hr: no momentum:

EU4

E/U 4hr Cloud: still in the 4hr Cloud:

EU4hrCloud

E/J: not much happening here:

EJ4

A/U 4hr: holding up near the 0.76 level ahead of today’s AUD Trade Balance data:

AU4

A/U daily: the 0.76 forms support in this recent trading channel:

AUdaily

A/J daily: this technical breakout move has given 100 pips. Watch out for a possible ‘Double Bottom’ though:

AJdaily

Cable: this is still stuck in ‘no-mans land’ under the 1.50 level but above the weekly chart’s H&S ‘neck line’ ahead of tonight’s GBP Construction PMI and Friday’s NFP:

G/U 4hr:

GU4

G/U weekly: a H&S still on the cards:

GUweekly

Kiwi: this has bounced up off the 61.8% fib of the recent pull back move and is hovering near the broken 9 month trend line: 

Kiwi4

U/J daily: this shows more clearly what is happening here…..that is…..NOTHING! This pair is range bound and the 4hr chart shows the lack of momentum. This probably won’t do too much until after Friday’s NFP:

UJdaily

U/J 4hr: note the MIA scenario with the ADX!

UJ4

Loonie daily: much the same here as for the U/J. My ‘Handle’ from a monthly chart Cup ‘n’ Handle continues to form up though:

LoonieDaily

Loonie 4hr: as with the U/J…note the ADX and lack of momentum:

Loonie4hr

Silver: this has picked back up and the weaker ADP data probably has this metal factoring in some US$ weakness if NFP disappoints:

Silver4hr

Gold 4hr: as for Silver, looking for further US$ weakness here and back above the key $1,200 level:

Gold4hr

Gold 30 min: this chart shows just how excited Gold was with the US ADP data:

Gold30min

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