The hawkish, yet accomodative (new word!), tone of the Fed Minutes has helped stocks to rally but kept the US$ in thinking mode under the 100 handle. It’s getting close to ‘do or die’ time for the US$…it could waver here a bit longer BUT at some point it is going to have to either take out or reject the 100 level.
S&P500 30 min: what a great trend trade here in the last US session. This chart reveals why I’m planning a month-long trading trip to the US next year!
USDX weekly: hovering under 100 and I’m still thinking the Fed rate hike could already be priced in here. If so, the 100 level might be a bit harder to take out:
Gold weekly: any failure of the US$ at the 100 level would help to develop this bullish pattern:
TC Signals: two of these are Yen signals so watch out today with the BoJ rate announcement:
U/J 4hr: just up 50 as it navigates the key 124 level:
GBP/JPY 4hr: up 80 and trying to hold out from a daily chart wedge breakout:
EUR/AUD 4hr: closed off flat and the cross pairs may be choppy if US$ movement gets going, either up or down:
Forex: today brings the BoJ rate announcement, GBP Reatail Sales and USD Weekly Unemployment and the Fed Philly Manufacturing index.
E/U 4hr: holding above major support for the time being:
E/J 4hr: range bound for now but still under the 132 level:
A/U 4hr: no ADX breakout so I have adjusted the trend lines here. The usual drill: watch for any TL breakout with momentum:
A/J 4hr: ditto here and keep an eye on the 89 level with today’s BoJ announcement and IF stocks (S&P500) continue to rally…these two oft go hand in glove together:
Cable 4hr: watch for any reaction to tonight’s GBP Retail Sales:
Kiwi: yes this has broken below support BUT with little downward momentum just yet so I’m keeping an open mind about the alternative bullish-reversal ‘inverse H&S’
Kiwi weekly: a new Bear Flag or bullish-reversal ‘inverse H&S’????
GBP/AUD 4hr: has respected that TL…… again!
GBP/NZD 4hr: onward and upward but with little supporting momentum: