The US$ is struggling to break free from the 103/104 region and I mentioned yesterday to watch for any new Lower High or Lower Low to develop. This has not formed up as yet but the US$ has slipped back into the 4hr Ichimoku Cloud undermining the FX Index alignment. Any continued US$ weakness could set up opportunity on some of the recently battered Forex pairs and some charts that are on my radar are posted below.
USDX daily: watch for any new Lower High and/or Lower Low to develop.
USDX 4hr Cloud: the index is back in the 4hr Cloud undermining the previous alignment.
GBP/USD 4hr: watch trend lines and top of 4hr Cloud for any break or repsect with tonight’s GBP Services PMI:
AUD/USD 4hr: a test of the 0.735 region looks to be a reasonable move here:
EUR/USD 4hr: watch triangle trend lines for any make or break:
NZD/USD: the 0.70 level is a HUGE one here and I suggested watching for any test of this before a possible Bear Flag move. However, if US$ weakness develops this could keep the Kiwi supported.
Kiwi 4hr: watch the 0.70 level for any make or break:
Kiwi 4hr Cloud:
Kiwi monthly: any failure to reclaim the 0.70 level could support a significant Bear Flag:
USD/CAD daily: keep an eye on the channel trend lines and 1.30 level here:
USD/CNH daily: some trend lines in focus for this pair:
USD/TRY: I’m keeping an eye on this one too for any sign of reversal:
USD/TRY daily: watch here for any new Lower High or Lower Low as well! The recent trend line is still intact but 3.60 seems to be giving this pair some grief:
USD/TRY weekly: I do think a test of the previously broken 3.10 S/R level could evolve here:
Gold 4hr: a move & hold back above the $1,170 S/R level would send a bullish signal:
Silver 4hr: watch for any move above the $16.50 level here as, IMHO, that would be a bullish signal:
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