USD higher but still under Double Top. Stocks forget Greece! by Mary McNamara

The USD is trading a bit higher but is still under the potentially bearish ‘Double Top’ of 95.50. Stocks have rallied and ‘Greece’ is clearly ‘so yesterday’!

Today: It is a Bank holiday in Japan today so the Yen pairs might be quiet. There are Eurogroup meetings with the potential for market-moving comments but otherwise there is no scheduled ‘high impact’ data.

I am still away so updates are brief and few.

USDX 4hr: higher BUT not out of the woods. We need to see a clear ‘make or break’ of 95.50 to be more confident of any new overall trend.

USDX4

S&P500 30 min: choppy but higher:

S&P30min

S&P500 daily Cloud: the bullish cross has not been confirmed yet as the Tenkan/Kijun lines remain flat:

S&PdailyCloud

TC Signals:

U/J: has kicked on and is now up 100 pips BUT note how price has still not broken out from the daily Cloud. A failure to do so could undermine this signal but success could send it rallying:

UJ4

UJdailyCloud

GBP/JPY: this has triggered a new signal too:

GJ4hr

Loonie: has triggered a new TC signal BUT needs to close above the 4hr Cloud first. Should do so shortly:

Loonie4hr Loonie4hrCloud

Other FX:

E/U: not doing too much BUT this isn’t surprising whilst the picture on the USDX remains uncertain. It is still above key 61.8% fib support:

EU4

E/J: a bit higher but, as discussed in my w/e analysis, I’m waiting for a make or break of 136:

EJ4

A/U: lower:

AU4

A/J: above the ‘neck line’ but doing little. This might get dragged along if the U/J takes off at all:

AJ4

Kiwi: looking interesting still. Watch for any breakout above the ‘neck line':

Kiwi4

Cable: this still looks menacing as it consolidates under the bear trend line. The trend line has been in force for over 7 months so any bullish breakout would be significant. Keep an eye on the daily Cloud too. There is still a fair way to go here for any bullish breakout but success would be significant here too!

GU4

GUdailyCloud

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