There hasn’t been too much FX movement as traders watch for some major pieces of high impact data to feed into the markets. Key events here are today’s three Central Bank meetings (BoJ, BoE and ECB) and tomorrow’s USD NFP. The USDX and US Stocks continue to hold up well. I’m actually finding the daily charts are the better ones to watch for FX perspective at the moment whilst waiting for these data items to be released.
Indices: the USDX continues to hold above the 61.8% fib for now:
EURX: ever hopeful, the EURX is holding up and trying to push back up through the broken support trend line. Good luck there!
FX: no new valid TC signal at the moment. There is a lot of high impact data out today so keep an eye on your trading calendar. Quite a few instruments are trading within trading channels. Whilst this is frustrating for longer-term trend traders it does give us a focal point to watch for. That is…watch for any break and hold out of these channel trend lines!
E/U: consolidating in a descending trading channel and above 1.30 support ahead of today’s ECB. There is also EUR sensitive German Factory order data.
E/J: triangles within triangles except it broke out from one earlier this week. Also will be sensitive to ECB and other EUR data as well as BoJ news.
A/U: consolidating within the triangle. There are two pieces of AUD data today: Retail Sales and Trade Balance. Watch for release of these to see if they impact on price action:
Cable: still channel bound ahead of today’s BoE and tomorrow’s NFP.
Kiwi: also now conforming to a descending pattern but a ‘descending wedge’. These are usually bullish patterns. A renewed rally with stocks might help this pair….might…?
U/J: A big two days coming for the U/J. It is consolidating under the key 61.8% fib ahead of today’s BoJ and tomorrow’s NFP.
GBP/JPY: also a big day here with BoE and BoJ meetings:
AUD/NZD: has now printed a daily close above the 1.12 level which is rather bullish. A weekly close above this level would be quite bullish and suggest continuation to at least test 1.14. Watch here today around AUD data items:
EUR/AUD: still in a descending wedge. Watch out for today’s ECB and AUD news.
Loonie: I’ve stripped this chart clean now as this pair now edges towards the apex of the monthly chart’s triangle pattern. Expect more choppiness as it moves closer towards the apex.
GBP/CHF: still consolidating under the 1.55 resistance level. It didn’t like the GBP news this week:
Silver: also in a descending trading channel:
Gold: seems to be in a daily triangle: