US$ & EUR$ warning; FX & Gold ahead of FOMC Minutes

Both the EUR$ index and US$ indices are back trading within their 4hr Ichimoku Cloud and this suggests a period of choppiness for both indices until they clear this resistance, either up or down. Just something to keep in mind whilst watching currency pairs and commodities in the lead up to the FOMC Meeting Minutes.

USDX 4hr Cloud: in the Cloud:

USDX4hrCloud

EURX 4hr Cloud: in the Cloud:

EURX4hrCloud

Forex: Tonight’s FOMC Meeting Minute news has the potential to shift US$ sentiment and, thus, impact many currency pairs. The charts below show the levels I’m watching on certain pairs and commodities in the lead up to this news event. There is also GBP Employment data and US Building Permit and PPI data to impact here as well:

E/U 4hr: watching for any test of the 61.8% fib and the triangle trend lines:

EU4

E/J 4hr: watching the 126 S/R level and for any deeper pullback to the 61.8% fib:

EJ4

EUR/GBP 4hr: this has bounced up off the 0.77 S/R level and is trying to form a new TC signal:

EG4hr

A/U 4hr: watching the triangle trend lines:

AU4

A/J 4hr: the major 80 level is coming back into focus:

AJ4

EUR/AUD 4hr: this has bounced up off the 1.55 S/R level but no new TC signal yet:

EA4

GBP/USD 4hr: watching the 61.8% fib and the 1.43 level:

GU4

Kiwi 4hr: watching the 19 month bear trend line above and the 61.8% fib below:

Kiwi4

USD/JPY 4hr: watching for any test of the 117 S/R level:

UJ4

GBP/JPY 4hr: watching the 167 S/R level and the 61.8% fib above that. This is trying to print a new TC SHORT signal but it hasn’t quite evolved just yet:

GJ4hr

USD/CAD 4hr: watching the new triangle trend lines and the 1.40 S/R level:

Loonie4hr

Gold daily: Watching for any hold above the $1,200 level. Gold has rallied over recent weeks from Flight to Safety activity. However any US$ weakness flowing through after the FOMC Meeting Minutes, whether fear related or not, could add support here. Conversely, US$ strength might help trigger a deeper pullback to test the previously broken wedge trend line. IMHO: This is one of the more interesting charts to watch with FOMC:

GoldDaily

Silver daily: Watching for any hold above the $15 level. As with Gold, any US$ up or down activity with FOMC here might help either the $15 level to hold or result in a deeper pullback.

SilverDaily

Oil daily: watching the trend lines here still:

OilDaily

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