I’d noted yesterday that the FX Indices were aligned for USD weakness and EUR strength and this has played out across many FX pairs.The US$ Index has broken back below a 3-year support trend line but a decisive weekly close below this level needs to be seen to shift bias on many FX pairs.
USDX weekly: watch for any decisive weekly close below this trend line to support a different dialogue on FX trends.
USDX daily: a fairly convincing daily close below support:
Trend line breakout trades:
EUR/USD: this breakout trade is now up to over 210 pips. The daily chart shows the 61.8% fib near 1.113 so watch for any new make or breakactivity here. The longer-term target for this bullish move though is near previous S/R of 1.15! Technical breakout theory would suggest that this daily chart trend line could be tested before any further continuation so watch for any test of this near the 1.10 region:
E/U 4hr:
E/U daily:
E/U 15 min: the new TC signal with this trend line breakout triggered last Friday whilst I was away and has not closed off. It is now up to 220 pips:
EUR/JPY 4hr: now up to 150:
EUR/AUD 4hr: a new breakout here that has given 120 pips. Note how the 15 min chart gave a new TC LONG signal that gave 100 pips (initial and after shots taken):
E/A 4hr:
E/A 15 min: initial:
E/A 15 min after:
EUR/NZD 4hr: a new breakout here that has given 140 pips. Note how the 15 min chart gave a new TC LONG signal that gave 100 pips (initial and after shots taken):
E/N 15 min initial:
E/N 15 min after:
USD/MXN 4hr: this move peaked at 1000 pips and note the new consolidation pattern here:
USD/TRY 4hr: this move is up to 300 pips:
USD/CNH 4hr:
FTSE: this breakout move has given up to 230 points but watch for any pullback to test the 7,450 ‘Double Top’ level:
FTSE 4hr:
FTSE daily:
Other Forex: I mentioned yesterday that cross pairs could be choppy if US$ weakness dominates and that has been the case for many of them, albeit not the EUR pairs. Watch also to see if the commodity currencies (AUD/USD, NZD/USD and USD/CAD) join the party if this theme continues.
AUD/USD 4hr: watch the wedge trend lines for any breakout activity:
AUD/JPY 4hr: watch the triangle trend lines for any breakout activity:
NZD/USD 4hr: watch the wedge trend lines for any breakout activity:
GBP/USD 4hr: watch the triangle trend lines and 1.30 level for any breakout activity:
USD/JPY 4hr: watch the channel trend lines for any breakout activity:
GBP/JPY 4hr: watch the triangle trend lines and 147 level for any breakout activity:
USD/CAD 4hr: not keen on this pair:
GBP/AUD 4hr: watch the triangle trend lines and 1.75 level for any breakout activity:
GBP/NZD 4hr: watch the triangle trend lines and 1.90 level for any breakout activity:
USD/ZAR: weakness continues here and note how the first valid TC signal on the 15 min chart gave a decent TC SHORT signal for 650 pips:
USD/ZAR daily:
USD/ZAR 15 min:
Gold 4hr: watch for any recovery here if US$ weakness continues:
Silver daily: ditto: