FX Update for July 25th: By Mary McNamara

There has not been a lot of movement across many FX pairs but a couple have given decent TC trades. The US$ is holding up above the weekly 200 EMA to start the week and there may not be much movement there until FOMC; if so, that could keep many FX pairs choppy until the news event. There is only US Consumer Confidence as high impact data to monitor in the next session.

USDX weekly: a small bullish candle to start the week. Note the current support from the weekly 200 EMA:

Trend line breakouts:

USD/TRY: this has been the only real mover and also gave a TC signal to LONG off the 15 min chart. The required Stop was too large but I note the trade gave up to a 3R result though:

USD/TRY 4hr: a choppy move for up to 360 pips:

USD/TRY 15 min: the TC signal was not a great one and came just ahead of the trend line break. Waiting for a close above the trend line would have been needed to have confidence in this signal.

NASDAQ-100 5 min: the first TC signal for the US session was to LONG but needed a large STOP. However, this gave a 3 R trade result as well:

Other Forex:

CAD/JPY 4hr: note the developing horizontal channel, or Flag, here despite the pressure on the support trend line:

All other Forex charts are still pretty much as they appeared in my w/e update. Watch for any momentum-based trend line breakouts.

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