FX: charts ahead of NFP: By Mary McNamara

Both FX Indices are printing indecision-style ‘Spinning Tops’ ahead of today’s US NFP so, if you’re struggling with trend trading this week, then that might be part of it! Gold bounced off the $1,300 resistance-turned-support level but many other FX pairs remain choppy reflecting price action with the FX indices.

Data: apart from NFP there is CNY Manufacturing PMI, a bunch of EUR PMIs, GBP Manufacturing PMI and US ISM Manufacturing PMI data to monitor.

USDX weekly: watch to see how NFP impacts this ‘Spinning Top’ candle:

EURX weekly: ditto here:

Trend line breakouts:

Gold: I’d mentioned yesterday to watch for any test of the key $1,300 level and that is what we got! Price action then bounced back up from this level giving a 100 pip trend line breakout. This was best caught with TC off the 5 min chart for a 6R trade:

Gold 4hr:

Gold 5 min:

EUR/NZD: this has given 100 pips but watch for any ‘Double Top’ activity here now. There was a 15 min chart TC signal close to this trend line breakout for 3R before price reversed:

EUR/NZD 4hr:

EUR/NZD 15 min:

AUD/NZD: I Tweeted yesterday to watch this triangle and the 1.10 level and there was an eventual trend line breakout for 100 pips. Note the monthly chart triangle breakout!

AUD/NZD 4hr: chart from the Tweet:

AUD/NZD 4hr: chart this morning:

AUD/NZD monthly: note the monthly chart triangle breakout!

Silver 4hr: choppy but has broken to the upside:

Other FX:

EUR/USD: choppy but might be breaking to the upside:

EUR/USD 4hr: watch with all the EUR PMIs and NFP to see if this breakout develops at all:

EUR/USD 15 min: there was one TC SHORT signal but the Stop was too large given the trend line support that was just beneath. The second TC signal might prove better but is still in progress:

EUR/JPY 4hr: messy with declining ADX momentum:

AUD/USD 4hr: messy here too with little ADX momentum:

AUD/JPY 4hr: choppy with declining ADX momentum:

GBP/USD 4hr: this has been a bit choppy in the absence of GBP data BUT watch with today’s GBP Manufacturing PMI and NFP to see if any decisive breakout evolves:

NZD/USD: watch to see if the 0.72, previously support, turns into resistance. The TC SHORT has now closed off but gave 7R!

NZD/USD 4hr:

NZD/USD 15 min:

USD/JPY 4hr: this rally stalled and hence the revised trend lines:

GBP/JPY 4hr: this is messy but price is back testing the previously broken 12-month support trend line. Watch this region for any new make orbreak:

GBP/AUD 4hr: as warned about; the 12-month support trend line seems to have turned into resistance:

GBP/NZD 4hr: this breakout seems underway now. Watch this major 1.80 level for any decisive make or break:

EUR/AUD 4hr: chopping around near the 1.50 level:

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