USD above 90 & FX & Stocks update by Mary McNamara

The USD looks set to print a daily candle close above the key 90 level. This strength is having obvious and predictable implications for US-based FX pairs. I had raised the possibility in my w/e write-up that US GDP might be the trigger event to get the USD moving and this has been the case. This upbeat US growth data has helped to stem the rout on Oil and I’ll be watching for any knock-on effect with other commodities.

USDX 4hr: trading above the pivotal 90 level.


EURX weekly: A Bear Flag still looking possible here:


US Stocks:The S&P500 and DJIA have set new record levels for their daily close. Watch for any new bullish Tenkan/Kijun cross on these. The NASDAQ has been hit by some biotechs but the stocks I trade have all finished the day higher :-):

S&P500: watch for any new bullish daily T/K cross:


DJIA: watch for any new bullish daily T/K cross:


Silver 30 min: a bit of a surprise to see this hold up so well given further USD strength but the bounce with Oil must be giving Silver and Gold some encouragement:


Gold: ditto here:


TC Signal:

E/U: this has now delivered up to 170 pips:


Other FX:

U/J: this signal eventually evolved BUT the triangle break alone has given 200 pips:


GBP/JPY: this has limped on as well:


A/U: still trading under the trend line and looks to be heading to 0.80. This would mark the completion of the Bear Flag pattern since 0.865. The 0.80 level may offer some support here, especially if commodities follow any ongoing ‘bounce’ lead from Oil :


 Cable: trading lower but no clean TC signal with the reduced Christmas liquidity:


Kiwi: is trying to hold above 0.77:


Loonie: CAD GDP was positive too and, with Oil trading higher, this has resulted in both CAD and USD strength which has contributed to continued choppiness here:


Swissie: no clean new TC signal BUT this looks set to trigger a Cup ‘n’ Handle breakout:


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