Trend lines still de rigueur

Many currency pairs continue consolidating within their various technical patterns, although some are testing major trend line regions, so keep an eye out for any momentum-based trend line breakouts. There is data today from China with Trade Balance, from the UK with the Annual Budget and the US with ADP NFP so watch to see if any these tip the balance at all.

USDX daily: rather monotonous here..still above 100 but below 102. Watch the daily triangle trend lines for any breakout though.

Forex:

Gold 4hr: lower but still within the channel. I still think this might head to $1,200:

EUR/USD 4hr: a 4hr wedge within the daily triangle:

EUR/JPY 4hr: a 4hr triangle within the daily wedge!

AUD/USD 4hr: a triangle still in play here. Watch with today’s CNY data:

AUD/JPY 4hr: ditto:

NZD/USD 4hr: one to watch for sure as it tries to avoid falling off a cliff…the 14-month support trend line cliff that is!

GBP/USD 4hr: edging lower and watch today with GBP data:

USD/JPY 4hr: still range-bound:

USD/CAD 4hr: not much happening here just yet either:

GBP/JPY 4hr: getting very interesting as it drifts lower and 139 support is now in focus. A break below that could open the flood gates here:

GBP/AUD 4hr: yet another bounce up from 1.601 support:

GBP/NZD 4hr: this might get going IF the Kiwi falls off that cliff!

EUR/AUD 4hr: more consolidation after the breakout:

EUR/NZD 4hr: this might get going too IF the Kiwi falls:

USD/MXN 4hr: still channel bound:

USD/CNH 4hr: in a Flag here ahead of today’s CNY Trade Balance data:

USD/TRY:

USD/TRY 60 min: this wedge I put in last night has given way, as has the daily trend line.

USD/TRY 15 min: this break below the wedge trend line could have been caught using my TC algo for over 200 pips:

USD/TRY 4hr: I’ve got a revised 4hr triangle in play now given momentum is still declining on this time frame:

EUR/GBP: I wrote an article about this pair yesterday and a bullish triangle breakout with a new TC signal did trigger off the 15 min chart:

This is how I’m seeing the 15 min chart set up today though:

 

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