I have an Irish surname and I suppose that’s why I tend to dovetail in so well with Murphy’s Law I’m home much of the time for the Asian session when, often, little happens. So today I’m in at the hospital for much of the day with scans etc and, then, we have some movement that I miss and I also miss some new trend signals. The weaker than expected AUD CPI has folks now thinking there will be an RBA rate cut next Tuesday and this has weakened the AUD which, in turn, got a number of AUD-based pairs moving.
USDX weekly: the big show remains FOMC which is now less than 15 hours away. With the index trading just under a major resistance and ‘line in the sand’ level this news event has the potential to either trigger a Bull Flag breakout or lead to more consolidation:
Gold 4hr: continues consolidating below the $1,200 level. Any delayed US rate hike could trigger bullish momentum here but an imminent hike would be bearish for the metal. Watch the Flag trend lines for any breakout with momentum:
Forex: the next 24 hours brings the long-awaited FOMC and this is closely followed by the RBNZ rate decision. Remember Friday is the last day of the trading month and so some month-end style activity might start to creep in as well.
E/U: still hovering below the broken support area of the Flag trend line and 1.11 region:
E/U 4hr: the Flag trend line has been tested but not broken back:
E/U weekly: Is this the start of a major weekly Bear Flag move? FOMC might dictate that!
E/J daily: I had mentioned that this triangle was worth up to 2,000 pips and I’m wondering if this is the start of that move! Again, much might depend on FOMC:
A/U hr: there was a new SHORT signal and wedge breakdown earlier today which I missed:
A/J 4hr: there was an earlier triangle trend line break and new SHORT signal here too which I also missed.
Cable daily: not a whole lot happening here though ahead of FOMC:
U/J daily: nor here…waiting for FOMC and keeping an eye on the key 124 level above:
GBP/JPY daily: this keeps consolidating around the key 184 level and this remains the ‘line in the sand’ level for this pair:
EUR/NZD weekly: marking time ahead of FOMC and RBNZ news:
USD/CAD 4hr: I missed a new LONG signal here too:
GBP/AUD: this has gained on the AUD weakness but I’m wary given it is back trading under a recent bear trend line. See the daily chart for this trend line BUT any break and hold above this TL might support a new LONG trade and the new TC LONG signal:
G/A daily: note the Bear trend line still above current price, but, it is looking Bull Flag like:
GBP/NZD 4hr: this is gaining too and the levels to watch with FOMC and RBNZ are the 2.30 level above current price and the 2.24 level below:
EUR/AUD: this has picked up too and note the new LONG signal and how price is back near the key 1.55 level I wrote about in my w/e analysis.
E/A monthly: a close and hold above 1.55 to end the week, and hence the month, would be bullish:
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