US$ weaker with dovish Fed

I wrote yesterday about how the US session has been giving better trend trading opportunities off shorter time frame charts and the last US session was a perfect example of just that. Some of the bigger picture FX patterns are coming into sharper focus now though and are worth watching too. The US$ weakened following dovish Fed Yellen comments, despite upbeat US Consumer Confidence data, and this helped to shape some classic style ‘risk on‘ behaviour. In this post I also show how the 30 min Ichimoku chart is a great help to support trading bias when trading off the shorter time frame charts.

S&P500: stocks rallied following the dovish Fed and this is bringing the Bull Flag into greater focus here now:

S&P500 weekly: watch for any make or break of the upper Flag trend line:

S&Pweekly

S&P500 30 min: this stock index gave a great trend trade too:

S&P30min

US$ index weekly: the dovish Fed comments sent the US$ lower and it is back below the 95.50 level so watch now for any make or break of the 92.50 channel support trend line:

USDXweekly

Oil daily: Oil recovered a bit with the weaker US$ and the strength seen with stocks:

OilDaily

Gold 30 min: this rallied with the weaker US$ and look how the 30 min Ichimoku Cloud chart helped to support a LONG trade bias here:

Gold30min Gold30minCloud

Forex: there is the ADP NFP and Crude Oil Inventory data to watch for tonight. Now, if the private jobs data is weak then don”t be surprised if this negative result supports stocks as it might help to underscore the case for keeping US interest rates lower for longer and, thus, be seen as a positive. A case of bad news being good news…only in the markets heh!

EUR/USD: this gave a great 30 min trend trade worth around 90 pips BUT note where price has stalled! At the daily chart’s triangle trend line. Note also how the 30 min Ichimoku chart supported a LONG bias here:

E/U 30 min:

EU30min

E/U 30 min Cloud:

EU30minCloud

E/U daily: price has stalled at the daily chart’s triangle trend line. Watch for any make or break activity from this trend line:

EUdaily

AUD/USD: help from the 30 min Cloud chart here too gave an 80 pip trend trade:

A/U 30min:

AU30min

A/U 30 min Cloud:

AU30minCloud

GBP/USD: this also gave a great 30 min trend trade for around 100 pips, helped along by the Ichimoku Cloud chart AND, note how the daily chart’s bullish Inverse H&S is still alive and kicking!

G/U 30 min:

GU30min

G/U 30 min Cloud:

GU30minCloud

G/U daily: watch for the inverse H&S here:

GUdaily

NZD/USD: this gave around 100 pips with a 30 min trend trade but note where price has stalled! At the weekly chart’s major Bear Flag trend line so watch for any make or break activity from this trend line:

NZD/USD 30 min:

Kiwi30min

NZD/USD 30 min Cloud:

Kiwi30minCloud

NZD/USD weekly: watch the Flag trend lines for any weekly breakout:

KiwiWeekly

GBP/NZD: I wrote a separate article about this pair this morning. The 2.10 is the key level to watch here to support a potential 1,200 pip triangle move:

GBP/NZD 30 min:

GN30min

GBP/NZD 30 min Cloud:

GN30minCloud

GBP/NZD weekly: watch for any hold below 2.10:

GNdaily

USD/JPY daily: range bound here still for now:

UJdaily

GBP/JPY 4hr: I took my eye off this pair with the Easter Monday break. Note how it gave a decent wedge breakout trade though :-(

GJ4hr

USD/CAD daily: keep an eye on the 1.30 level especially IF the US$ continues to weaken:

LoonieDaily

EUR/NZD daily: keep an eye on this as it consolidates within a triangle:

ENdaily

EUR/AUD 4hr: still range bound here for now:

EA4

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