St Patrick’s Day heralds ‘risk on’ shift

Some of the FOMC inspired breakout moves have continued but others have closed off with the pip tally from these combined moves reaching 6,760. Some FX pairs look like they’re back to consolidating in preparation for next week. Today is St Patrick’s Day but it is also the day the FX indices have shifted back into a classic style ‘risk on’ alignment and I’ll be watching for any continuation of this trend.

USDX: the US$ index is holding above 100 for now but has dipped back below the daily Cloud. This shift lower has put the FX indices into what I refer to as ‘risk on‘ alignment and you can read my views about the impact of FX Index alignment here. I would suspect that any break and hold below 100 for the USDX might accelerate the impact of this ‘risk on’ alignment.

Forex:

EUR/USD: the wedge breakout move is now up to 130 pips:

EUR/JPY: watch this 4hr Flag pattern for any breakout:

AUD/USD: the pip tally here is 150 pips but watch the new 4hr Flag:

AUD/JPY: this previous 40 pip move closed off but watch the revised trend lines for any breakout move:

GBP/USD: the pip tally here is 200 pips but watch the upper trend line from the daily chart’s triangle pattern:

USD/JPY: holding near the 4hr chart’s 61.8% fib:

GBP/JPY: watch the revised trend lines here:

USD/CAD: the pip tally here is 130 pips:

GBP/AUD: the 80 pip move closed off but watch the revised trend lines for any new breakout move:

GBP/NZD: the 1.77 is a MAJOR S/R level to monitor:

EUR/AUD: the 100 pip move faded so watch the revised trend lines here for any new breakout move:

EUR/NZD: a Bull Flag?

USD/MXN: yesterday’s 4,000 pip move closed off and this looks to be consolidating above the 19 level which is the intersection of major S/R and a weekly chart support trend line:

USD/CNH: yesterday’s 550 pip move closed off and this is consolidating again within the triangle:

USD/TRY: This 4hr chart breakout move has continued on to give 1,100 pips. I Tweeted last night to watch for any new 15 min chart move and this did eventually trigger a new TC signal worth 450 pips:

Gold: this breakout move is up to 280 pips:

 

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