FX update: Gold breaks out and U/J struggling by Mary McNamara

The USD is still struggling under the weight of 92.50 resistance. This has allowed some pairs to carve out a bit of a relief bounce/rally today and Gold has actually broken up through a 2 year+ trend line! I have received one new TC signal but here are some major technical levels in play on some pairs that might be able to be traded on mere ‘break and hold’ activity alone though.

 USDX 4hr: watch for trend line breaks:USDX4EURX daily: still supported at the 50% fib for now:

EURXdaily

TC Signal:

U/J 4hr: this has formed a new TC signal BUT price is currently bouncing up off the 118 level. I would wait though to see if price breaks back above 118.5. Failure to do so might support this signal. Any close below 118 would suggest bearish follow through:

UJ4

Other FX:

E/U: trying to bounce up off major 1.18 support. ECB potential easing activity/decision is weighing heavily on this pair though:

EU4

E/J: a break and hold below 140 might suggest bearish continuation and could be a level to trade from:

EJ4

A/U: has broken back above 0.82. Any pullback to test this level might offer a new long trade opportunity. Watch for tomorrow’s Chinese Trade Balance data though:

AU4

A/J: watch for any trend line break here:

AJ4

Kiwi: this is struggling at the trading channel trend line. This is almost 3 months old though so has some clout:

Kiwi4

Cable: trying to carve a base off major trend line support:

GU4

 GBP/JPY: any close and hold below 179 would suggest bearish follow through and might be a level to play:

GJ4hr

Swissie: watch for any Flag breakout, up or down:

Swissie4hr

Silver 4hr: is trying to form a new TC long signal:

Silver4hr

Gold: has made a bullish breakout above a weekly bear trend line:

Gold 4hr:

Gold4hr

Gold weekly: this trend line has been in play since September 2012 and so the break is significant:

GoldWeekly

 

GJ4hr

 

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