I’m still watching for momentum to pick up across most FX pairs. There has been an uptick with Yen pairs this morning but that’s all really. Stocks and Oil continue to grind higher and the US$ is struggling to hold above 95.50 which is all feeding into the ‘risk-on’ bias I have been seeing starting to form up. Any US$ breakdown might help get broader FX momentum going and we could then be in for decent FX breakout moves.
USDX 4hr: watch for any triangle breakout here:
S&P500 weekly: the Bull Flag might be gettting underway
Oil weekly: the bullish-reversal Inverse H&S continues:
Gold 4hr: watch for any developing US$ weakness to help this metal
E/U 4hr: US weakness would help here too so keep any eye out for any triangle breakout:
E/J 4hr: I’m wary here:
A/U 4hr: much like for the E/U; US$ weakness would help this pair:
GBP/USD 4hr: and ditto here too despite Brexit woes:
NZD/USD 4hr: same here too so watch the 0.73 level:
U/J 4hr: watch for any triangle breakdown to develop:
EUR/NZD 4hr: channel bound:
GBP/NZD 4hr: we got the test of 1.77 again last week. THis could become choppy though if both the GBP and NZD pick up on any US$ weakness so be careful:
EUR/AUD: ditto here. There is a bounce off the bottom trend line region but this could become choppy too if both the EUR and AUD pick up on any developing US$ weakness.