Chinese GDP and Industrial Production data is released today and I’ll be interested to see if this can shake some FX pairs away from the S/R level the’re been gravitating to.
NB: I am out for much of this week but will update when I can. I won’t be at my computer when today’s Chinese data is released.
USDX daily: still triangle bound on the daily chart:
EURX daily: ditto here too:
Gold weekly: still near the $1,100 and within the wedge:
TC Signal: I did receive a new TC signal on the GBP/USD BUT BUT BUT…there is huge Chinese data today and then GBP CPI tonight and so I would wait until after both of these are released to possibly chase this signal IF it gets going. A negative CPI on top of Brexit woe news might help to develop this triangle breakout move down to the 1.35 support level. Remember though there is Interest Rate news from the BoE on Wednesday as well to navigate here and so caution is required:
G/U 4hr: the SHORT signal has done little thus far:
Forex: watch for impact from today’s Chinese GDP and Industrial Production data. There is also GBP CPI, EUR Geman ZEW Economic Sentiment and NZD GDT Price Index data to navigate:
E/U daily: this is also triangle bound with no momentum:
EUR/JPY : still hovering above the recent double bottom level of 126.50:
A/U daily: hovering near 0.69. This will either make the level for a great SHORT or a great LONG depending on how Chinese data unfolds:
Kiwi daily: I suspect this might behave much the same with the Chinese data however there is also GDT Price Index data during the next US session and CPI out early tomorrow that will, no doubt, impact here too:
U/J daily: still holding on to the 117 level for now. This is the level to watch for make or break activity when things start moving:
GBP/JPY daily: this is still holding near the major 167 S/R level. Note how the 1,600 pip triangle breakout has completed. I was at an ATAA talk last night where the presenter mentioned how academics don’t believe or put any weight in to Technical Analysis. LOL here dudes!
USD/CAD monthly: Iran and Oil news means this Cup may soon ‘floweth over’!
EUR/GBP: this bullish 500 pip ‘Inverse H&S’ is underway but price has stalled at the previous S/R level of 0.77. This level can be seen on the monthly chart below. This level may enable new ‘LONG’ entry though IF there there is any bullish close and hold above this region and, so, this is the new level to watch on this journey:
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