US stocks were certainly back to ‘risk off’ with gusto in the last session but we’re not seeing the follow through action on Forex just yet. The US$ remains range bound and many FX pairs continue to hover near the key levels I’ve been harping on about all week. Whilst FX has yet to follow stocks on any renewed ‘risk off’ movement I am keeping an eye on major S/R levels to guide me about any potential next big movement.
USDX daily: still consolidating and under the 100 level.
S&P500 30 min: US day traders would have had an easy pick up here:
Gold weekly: this is still consolidating around the $1,100 level and within the wedge:
New TC signals:
EUR/GBP 4hr: a new 4hr TC ‘LONG signal and triangle breakout here. The 0.75 is major S/r though and could be tested again.
EUR/AUD 4hr: a new LONG signal here too. I really thought this might reject 1.55 and it still may before the month closes. For now though, it seems bullish up off the 1.55 level. This trade is highly correlated with the EUR/GBP though as a LONG EUR trade:
EUR/USD daily: this is still consolidating within a triangle but putting some pressure on the upper trend line:
E/J daily: still hovering above the key 126.5 S/R level. Watch for any make or break of this region:
AUD/USD daily: the strong AUD jobs data out just now might help to keep this above 0.69 but this remains the level to watch:
GBP/USD daily: slowly drifting down from the 1.46 S/R level:
NZD/USD 4hr: So, my TC SHORT signal closes and another one tries to form. This happens a lot!
U/J daily: one would have thought the carnage across stocks would have this lower but…no. Still holding above 117 for now but this remains the ‘line in the sand’ to watch:
GBP/JPY daily: many are thinking the Yen strength will continue with the ‘risk off’ bias BUT watch for any potential support here from the 167 level. This is the ‘line in the sand’ level here here to guide traders:
USD/CAD 4hr: this is higher and trying to form a new TC LONG signal:
GBP/AUD: is bouncing back up off 2.07:
G/A daily: watch for any channel break out: up or down!