US$: recovery effort fades so….still ranging

The US$ attempted a recovery during yesterday’s Asian session on the back of a stabilising Yuan but this effort faded during the US session. Thus, no surprise then that many FX pairs have experienced choppy price action during that period. US Retail Sales data came in within range but Unemployment claims were slightly higher. The Unemployment component may have been the trigger for US$ weakness given the Fed’s focus on improving jobs as part of their metric for scheduling any interest rate increase.

USDX weekly: the US$ is lower for the week with just one day of trade remaining:

USDXweekly

USDX 4hr: the recovery faded.

USDX4

EURX weekly: still ranging here:

EURXweekly

EURX 4hr: maybe a mini Bull Flag?

EURX4

S&P500 daily: choppy again and price is still within the Cloud. Oil slipped again overnight and this has weighed on the energy sector:

S&PdailyCloud

Gold daily: a bit lower with the US$ recovery attempt:

GoldDaily

Silver daily: ditto here:

SilverDaily

Forex: The Greek debt crisis vote is pending and there is NZD Retail Sales, German Prelim GDP, CAD Manufacturing Sales and US PPI & Prelim UoM Consumer Sentiment data still to come on this last day of the week.

E/U 4hr: the 1.12 is a key level and price is consolidating under this level. This 1.12 is the 61.8% fib of the major 2000-2008 swing high move:

EU4

E/J 4hr: a choppy 24 hrs:

EJ4

A/U 4hr: still hanging around the 0.735 level:

AU4

Kiwi 4hr: chopping around within either a potential Bear Flag or basing pattern:

Kiwi4

Cable 4hr: the lack of momentum here had me revising the triangle trend line:

GU4

U/J 4hr: choppy but just above the 124 level:

UJ4

Loonie 4hr: back above the 1.30 level but I’m expecting further choppiness around this level:

Loonie4hr

GBP/AUD 4hr:  choppy here too:

GA4

GBP/NZD 4hr: and here too:

GN4hr

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