The iconic tune claims that Greece is the Word but there are lots of words being exchanged in this latest Greek-debt situation. The deliberations looks set to extend throughout this week as well making for continued challenging conditions, or rather nigh on impossible, for setting up longer-term trend trades. Regardless of this uncertainty, this is how some of the major charts are setting as per my view for the time being.
USDX weekly: the Flag changes shape but the weekly chart still has a Bull Flag appearance for the time being:
EURX weekly: the EUR index is also shaping up with a Flag and this could be either a Bear Flag or basing pattern:
Forex: I don’t have any new 4hr based TC trend signals and I’d be wary if I did anyway until after the outcome of this latest round of EU talks. There is Chinese Trade Balance data out today but, otherwise, the landscape is dominated by the Eurogroup meetings.
E/U 4hr: there has been another Gap Fill trade this morning but price has stalled near the 61.8% fib of the recent swing low move:
E/U daily: I have relaxed the lower trend line to capture all the movement:
E/U weekly: still watching for any confirmation of this as a Bear Flag move or basing pattern:
E/J 4hr: a Gap Fill opportunity here too:
A/U daily: this is learning to live under the 0.755 region:
A/J daily: a trend line break, test of TL and, so now….. continuation???
Cable 4hr: has a bit of a bullish descending broadening wedge look to it but the Cable is hanging on to the safety of the 1.55 level:
Kiwi daily: no daily channel breakout yet. The Kiwi keeps hanging in there above 0.67:
Kiwi monthly: there is nothing too magical about the 0.67 level fib wise for me BUT it is clearly long term S/R:
U/J 4hr: still triangle bound and this has bounced up off the 122 level again for a Gap Fill trade this morning:
U/J daily: I’m watching for any trend line breaks to guide me here.
GBP/JPY daily: this is hanging in just under the 190 level after the nice bounce off the 50% fib:
Loonie daily: still thinking that 1.30 will be tested here:
Silver daily: holding above $15 support for the time being and any Grexit outcome would help to support this:
Gold daily: holding above $1,145 support still as well:
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