Momentum-based trend line breakout trades taken from six charts posted within my blog have this week delivered up to 1,200 pips for those lucky enough to be able to catch them. Two breakout trades on the EUR/USD and AUD/JPY failed though. The US$ is holding above the 100 level for now but I’m still waiting for a clear sign of continuation or reversal on this index. There is a Fed Chair Yellen speech and Chinese CPI data scheduled during the Asian session today and US Retail Sales and PPI data after that so, even though it’s late in the week, there is still potential for more movement.
USDX daily: watch for any hold above 100 to possibly help shape up a bearish H&S. Watch for any impact from Friday’s US Retail Sales and PPI data:
Forex:
USD/CAD: the USD/CAD is the latest currency pair to join in with a trend line breakout trade. The chart from yesterday, is shown below, and I had suggested that any break of the trend line might target the 1.30 level:
The chart from today shows how price has bounced, for now, just up from this key 1.30 level and has given 140 pips in the breakout move. The 1.30 level is back in focus now and the one to watch for any make or break move from here:
NZD/USD: The Kiwi has also kicked on from the breakout noted yesterday. This is how yesterday’s chart appeared:
This is the chart today showing the move delivered up near 100 pips or so:
Gold 4hr: this breakout move is now up 300 pips from my w/e post:
AUD/USD 4hr: this breakout move is now up 190 pips and I had suggested on Tuesday that the 0.75 might be a target and so it was!
USD/JPY 4hr: this breakout move has delivered up to 120 pips:
GBP/JPY 4hr: this breakout move has delivered up to 350 pips:
EUR/USD 4hr: choppy:
AUD/JPY 4hr: the triangle breakout trade has chopped sideways:
GBP/USD 4hr: still triangle bound but watch trend lines for any momentum-based breakout move:
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