There have been five TC signals on the go this week but three have now closed off. All three gave a decent pip move and the combined pip haul to date is 960 pips. The signal on the NZD/USD was the only one to peak at below 100 pips. Signals are still open on the EUR/AUD and GBP/AUD.
EUR/AUD: this is still going and has yielded up to 330 pips. Note the major support from a weekly support triangle trend line that is looming just below though:
E/A 4hr: watch for potential support from the triangle trend line seen at the bottom of the vision here:
E/A weekly: any break of this weekly triangle trend line would, obviously, be bearish. I’d then look for a move down to the recent low to set up potential ‘Double Bottom’ support:
GBP/AUD: this signal finally got going and has given 220 pips. Note how price has finally broken below the major weekly-chart based 50% fib support level. Price had held above this for weeks and this break may prove to be significant. However, if price manages to scrape back above this level by the close of the week then this would be a bullish signal and suggest a base may be trying to form.
G/A weekly: watch for any weekly close back above this 50% fib:
USD/CAD: this signal closed off for 220 pips but note how price is holding below the key 1.30 level. This will be tricky given the w/e Doha meeting and I’d be waiting now until next week to see whether this makes or breaks from this key 1.30 level:
USD/CAD 4hr: watch for how this moves from 1.30 after the Doha Oil meeting:
USD/CAD weekly: any hold below the 1.30 level will have me back looking for price to target the 61.8% fib region:
NZD/USD: this stalled at the significant bear weekly trend line. There is still a potential Bear Flag brewing.
NZD/USD weekly: Bear Flag or bullish break of the descending trend line?
GBP/NZD: this only gave 100 pips before being drawn back to the key 2.065 level. This price action has me looking at this pair differently now as explained below.
GBP/NZD 4hr: only gave 100 pips after triggering the TC signal and giving a triangle break.
GBP/NZD 4hr revised: so, adjusting the trend lines to reflect recent support/resistance, is this now more of a bullish descending wedge? I’m keeping an open mind here!
GBP/NZD daily: I’ll be watching the wedge trend lines for the next ‘bigger picture’ move:
GBP/NZD weekly: there is major support from a weekly triangle trend line below current price so a bounce back up from this region would not surprise me. This lower trend line is the major make or break level to keep in mind here: