Not much has changed with FX since yesterday. Gold is a bit lower and the U/J a bit higher. Stocks traded a bit lower on the back of the Apple sell-off but the S&P500 is still above 2,100 support. I’m not sure what news will get some FX pairs moving though. The NZD rate cut did little to rattle the Kiwi and further RBA jawboning yesterday did little to the Aussie. I wrote yesterday about the possibility of protracted sideways movement with the U/J and I’m now wondering if the rest of the market might follow suit?
USDX weekly: the weekly trend line has been tested. The next move is the important one now. Will price keep retreating or bounce from here for bullish continuation?
S&P500: a down day for stocks but the index still enjoys Cloud support:
Forex:
E/U 4hr: pretty much sideways:
A/U 4hr: still above the recent support level of 0.735:
Cable 4hr: no breakout yet. Maybe tonight’s GBP Retail Sales data might do the trick!
Kiwi 4hr: holding up well despite the RBNZ interest rate cut:
U/J 4hr: back up above the 124 level:
U/J daily: the new triangle is still intact:
Loonie 4hr: has moved above the key 1.30 level. Watch for impact from tonight’s CAD Retail Sales:
GBP/AUD 4hr: has tried to carve a new TC signal but hasn’t quite succeeded:
GBP/NZD 4hr: this gave over 200 pips on the wedge breakout but the monthly trend line remains as resistance here:
Gold daily: has held below the wedge trend line and closed the day below the $1,100 level:
Gold monthly: next stop $1,000 and the $950?
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