The US$ and stocks have traded higher following better than expected US Manufacturing data and continued gains with Oil pricing. The bounce with Oil follows on from the bullish-reversal monthly candle that just closed and the more recent bullish wedge breakout. My algorithm still suggests that the current market alignment is more suitable to short-term trading during the US and European session and this continues to be borne out.
USDX weekly: the US$ inched higher on the back of stronger US data:
S&P500 30 min: the US session continues to deliver better opportunities off 30 min charts and this index was no exception.
S&P500 daily Cloud: FYI…it’s back above the daily Ichimoku Cloud which is a bullish shift!
S&P500 weekly: this chart hasn’t captured all of Tuesday’s data but the overall Flag and range-bound nature of this price action is still clear:
S&P500 weekly Cloud: whilst a break and hold above 2,000 would trigger a Flag breakout it would trigger a bullish Ichimoku Cloud breakout:
Oil daily: the recent wedge breakout continues but the longer-term bear trend line is still above current price. Watch for any make or break of this trend line:
Oil monthly: Oil has printed a bullish-reversal Hammer style candle for February off strong support from the previous Feb ’09 low of $33.55. Thus, watch for any follow through:
Gold 4hr: improved risk appetite undermined this metal as did the stronger US$:
TC Signals: there is a lot of data again today with AUD GDP, GBP Construction PMI, US ADP NFP & Crude Oil Inventories:
E/J 4hr: closed off after bouncing up from the major 122 region and weekly chart 50% fib level:
E/J 30 min: better opportunities during the European and US session:
USD/CAD 4hr: this eventually rolled over
E/U 4hr: doing very little:
Forex:
A/U 4hr: higher despite the stronger US$. Watch today with AUD GDP:
A/J 4hr: this has bounced up off the major 80 level YET AGAIN!. Watch for any bullish breakout above the recent wedge trend line. Watch today with AUD GDP:
Cable 4hr: this has tested and rejected 1.40. Watch today with GBP Construction PMI data:
NZD/USD daily: I’m watching to see if this trend line is rejected or not. GDT Price Index data was better than expected so is helping to support the NZD$:
U/J 4hr: holding above the recent ‘Double Bottom’ 111 level for now:
U/J 30 min: there were better short-term trading opportunities during the European and US session:
GBP/JPY 4hr: note how this has bounced up off the key weekly-chart 50% fib level to the pip! I’m still watching for any move up to the 50-60% fib region of the recent swing low move:
EUR/AUD 4hr: a bullish descending wedge forming up here?
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