US$ bouncing off support making FX choppy

The US$ is currently printing a weekly Doji candle suggesting indecision and this all seems rather apt. The attempt to bounce up off the major 92.50 support level is making FX rather choppy though. I had warned about potential choppiness on the US$ though in last week’s FX Index update.

NB: updates will be brief over the next five weeks as it is a holiday w/e here this w/e and, then, I’m away for a month after that. 

USDX daily: this still looks like it could be trying to form a bottom off 92.50 support. Watch for any shift to a new cycle of higher Lows and higher Highs to suggest a reversal.


S&P500: this pulled back in the last session but watch for any weekly close up and out of the Flag to support a Bull Flag breakout. Keep an eye on the daily chart’s Death Cross chart for any new bullish Golden Cross.

S&P500 weekly: watch for any Bull Flag breakout:


S&P500 monthly: a Bull Flag breakout will have me back looking for a test of 2,500:


S&P500 daily: the bearish Death Cross may be evolving into a bullish Golden Cross:


Oil weekly: the $45 is key S/R and still being tested:


Gold 4hr: the weekly 200 EMA has been keeping a lid on price action for the last couple of years and continues to do so. Watch for any WEEKLY candle close above this level though as this would suggest bullish continuation:


TC Signals: the four remaining TC signals have closed off now:

A/U daily: this LONG signal closed for a maximum of 70 pips but price action is holding above a daily support trend line for now:


AUD/JPY: watch for any continuation here IF stocks keep up their bullish mojo:

A/J 4hr:  the LONG signal closed off for 100 pips. Watch the looming bear trend line:


A/J monthly: watch for any reaction at the looming bear trend line:


USD/CAD: this remains in a descending channel:

USD/CAD 4hr:  closed off for 130 pips AND has bounced again off fib support:Loonie4hr

USD/CAD weekly: any hold below 1.30 will have me looking for a test of the 61.8% fib:


EUR/AUD: closed off for just 80 pips as trend line support kicked in so watch for any continued bounce here:

E/A 4hr:


E/A monthly: watch the triangle trend lines for any reaction:


Other FX:

E/U 4hr: keep watch for any make or break off the daily chart’s triangle trend lines:


E/J 4hr: continuing the bounce up off the weekly chart’s 50% fib:


GBP/USD 4hr: Watch the trend lines for any make or break activity:


NZD/USD 60 min: This has continued to retreat from the 0.70 level but watch the channel trend lines for any make or break activity:


U/J 4hr: this is testing the upper trend line so watch for any test of the 111 region IF there is a bullish breakout:


GBP/JPY 4hr: watch for any break up through the 61.8% fib region:


EUR/NZD: bouncing up off major support:

E/N 4hr:


E/N monthly:


GBP/AUD 4hr: still a cycle of lower Highs and lower Lows for the time being BUT a shift could be under way:


GBP/NZD: this is one of the most interesting pairs at the moment as it is now up testing a trend line and looking like it could be about to attempt a bullish descending wedge breakout. I discussed this potential bullish-reversal pattern on the w/e:

G/N 4hr:


G/N daily:


G/N weekly:


G/N monthly:


EUR/GBP weekly: Any weekly close below this support trend line will have me watching for a test of 0.75 as is major S/R and near key fibs:


AUD/NZD monthly: one to keep in mind for the longer term as 1.45 seems to be the ‘neck line’ of a bullish-reversal Inverse H&S:



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