Weaker than expected US CPI has not helped the US$ and nor did the FOMC minutes and this means the US$ index is printing a bearish candle for the week. Many FX pairs continue trading within various consolidation style patterns, triangles and /or wedges, but there seems to be the slightest scent of change in the air with some of these. It might be the scent of US$ blood starting to filter through and the charts of Gold and Silver might have you thinking so but, really, it’s still too soon to say.
USDX weekly: another bearish weekly candle forming for now BUT price is still in consolidation mode whilst it trades within the triangle:
EURX weekly: consolidation here too:
S&P500: closed lower in choppy trade with China, Oil and Fed concern:
Gold 4hr: this is much higher and gave a new TC signal off my 11 pm candle. Watch for any test of the $1,145/50 area as many will be looking to SHORT here:
I posted a 30 min chart of Gold on Twitter last night suggesting it looked to be off an running. Here is a copy of the chart from then:
Price rallied almost $10 from then on during the US session. Here is this morning’s 30 min Gold chart:
Silver 4hr: gave a bounce off the 61.8% fib:
Forex: Keep an eye out for today’s GBP Retail Sales and US Unemployment Claims, Existing Home Sales and Philly Fed Manufacturing Index data.
E/U weekly: I won’t get too excited until there is a flag breakout, either up or down:
E/J 4hr: has given a channel breakout:
A/U daily: watch for any daily channel breakout:
A/J 4hr: within a triangle. Watch trend lines for any breakout with momentum:
Cable: is a triangle breakout FINALLY building? Maybe tonight’s GBP Retail Sales might help here:
Cable daily: watch for any daily breakout:
Kiwi daily: is this a Bear Flag or basing pattern? The Kiwi is trying for a bullish breakout as I type:
U/J 4hr: this is back below the 124 level and trying to form a new TC SHORT signal. This is still within a daily triangle though:
GBP/JPY 4hr: still within a triangle here:
Loonie 4hr: a triangle here too…above the 1.30 level:
GBP/AUD 4hr: choppy above the 2.07 level:
GBP/NZD 4hr: within a triangle here still too:
EUR/AUD daily: in an ascending trading channel here:
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