US$ down, Stocks & Comms up but FX? Poised!

The US$ traded lower with the FOMC hold on any rate hike. This rate hold & resultant US$ weakness supported commodities and stocks but the reaction across FX pairs has been rather more considered. Some of the FX triangles have been broken, especially the Yen ones, but others live on to battle out another day.

USDX daily: the index is back at the ‘fence’ position of 95.50:

usdxdaily

EURX daily: no joy for the EURX though but any hold of the 100 level might support a bullish-reversal ‘Inverse H&S’:

eurxdaily

S&P500 30 min: stocks liked the rate hold:

sp30min

NASDAQ monthly: another record close on the daily chart for this tech index. This longer-term monthly pattern looks underway but watch for any test of the breakout 5,200 level:

nasdaqmonthly

QQQ monthly: the NASDAQ 100 ETF is butting up at major resistance of 120 and is worth keeping an eye on:

qqqmonthly

Gold: the US$ weakness supported Gold and triggered a new 4hr chart TC signal but check out the 30 min chart which shows the move during the US session. Price is currently struggling at the 61.8% fib of the recent swing low move though:

gold4hr

gold4hr

gold30min

Silver 4hr: a new TC signal here too:

silver4hr

Oil weekly: this is above the $45 level now so keep an eye out for a test of $50; the ‘neck line’ here!

oilweekly

TC Signals: new signals have triggered on Gold and Silver as noted above. There is a new SHORT on the 4hr U/J too. The 100 is a key psychological level but 99 is a recent low and, if that breaks, then watch the weekly chart fib levels as possible targets:

U/J 4hr: watch for any reaction at 100 and, if that breaks, 99:

uj4

U/J weekly: a weekly close below the 100 – 101.50 region would most likely void this inv H&S. One wonders if that might set up a possible ‘Double Bottom’? Would the BoJ stand by and allow this though? Me thinks not.ujweekly

Other FX:

E/U: watch the 4hr/daily chart triangle trend lines. Note price is ‘fence sitting’ here again near the key 1.12 S/R level:

eu4 eumonthly

E/J: this triangle break ended up being a decent trade. Watch for any reaction near 109.50 as this is a recent low:

ej4 ejweekly

A/U: the weekly chart’s inverse H&S is the ‘bigger picture’ pattern here:

au4 auweekly

Cable: this TC signal has closed off and price is back above 1.30. The US$ weakness might help this pair carve its LOW out off this level:

gu4 guweekly

Kiwi: no breakout yet:

kiwi4 kiwimonthly

EUR/AUD: this pair has delivered a lot of pips in its bearish shift this week and continues to weaken so watch for any test of the bottom triangle trend line:

ea4 eamonthly

G/J: this has been one of the moves of the week, this and the EUR/AUD. Watch for any reaction at 129 as this could be a major level being a potential ‘Triple Bottom’:

gj4hr gjweeklycloud

GBP/AUD: the 1.70 is major S/R here so watch for any make or break:

ga4 gamonthly

GBP/NZD: The 1.77 is major S/R here so watch for any make or break as a bounce could support a monthly chart ‘Double Bottom’:

gn4hr gnmonthly

USD/CAD: still ranging within the Flag and either side of the 1.30 level:

loonie4hr

 

The post US$ down, Stocks & Comms up but FX? Poised! appeared first on Trade Charting.

The post US$ down, Stocks & Comms up but FX? Poised! appeared first on www.forextell.com.

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