FX triangles ahead of CNY PMI & NFP data

Quite a few currency pairs are setting up in consolidation-style triangle or wedge patterns ahead of tomorrow’s Chinese Manufacturing PMI data and Friday’s NFP. Chinese PMI has even been a general topic discussed on talk back radio down here today! At least the trend lines from these patterns give us levels to watch for any momentum-based breakout move.

Some of the FX cross pairs will still offer decent sized pip moves even whilst they keep consolidating BUT these moves are best caught during the US session off the 30 min charts.

The usual deal applies with the charts though…if there is a breakout without momentum then the trend lines are adjusted.

E/U 4hr:

EU4

E/J 4hr: more of a daily triangle here:

EJ4

A/U 4hr: hope it’s not another Bear Flag :-(

AU4

A/J 4hr:

AJ4

Cable 4hr: more of a daily triangle here too:

GU4

Kiwi 4hr:

Kiwi4

U/J 4hr:

UJ4

GBP/JPY 4hr:

GJ4hr

EUR/AUD 4hr:

EN4hr

GBP/AUD 4hr:

GA4

And, not forgetting, the big wedge patterns on the USDX and EURX:

USDX weekly:

USDXweekly

EURX weekly:

EURXweekly

Summary: watch for any momentum-based trend line breakouts on these charts following this week’s high impact data.

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