It’s rather difficult clarifying any overall pattern out of the current FX markets but, if pushed, I would say there has been a slight risk-on shift but one without EUR$ participation. The AUD$, GBP$, and NZD$ are all trading higher against the US$, along with Oil and Gold, but not the EUR$ and with the CAD$ trading pretty much flat.
Gold 4hr: waiting for any triangle breakout here:
Oil daily: this is up testing a 19 month bear trend line following the bullish wedge breakout:
TC Signals:
E/U 4hr: this has kicked on a bit for 90 pips:
There is a clear descending trading channel evident here now so keep an eye on the trend lines:
E/U weekly: I look at the weekly chart though and it’s an each-way bet as to which way this looks like it will move from here! Maybe another test of the 1.045 region?
USD/CAD 4hr: pretty much chopping sideways:
Forex:
A/U daily: higher following yesterday’s better than expected GDP data but watch for reaction to today’s AUD Trade Balance data:
A/J 4hr: this gave a new TC LONG signal just after yesterday’s post:
Cable 4hr: this is back above 1.40 but is within the 4hr Cloud and so no new TC signal. Watch for any reaction to GBP Service PMI data:
NZD/USD 4hr: this is trading higher and is back above the 4hr and daily Cloud as well:
U/J 4hr: a bit weaker:
GBP/JPY 4hr: choppy here too but it’s also within its 4hr Cloud:
EUR/AUD 4hr: I didn’t receive a clean TC signal to short here but I see the wedge breakout gave 200 pips:
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