That ‘risk on’ shift is getting underway

I wrote the other day wondering about a shift to ‘risk-on’ and this sentiment shift seems to be getting underway. Stocks, Commodities and the Commodity currencies are all enjoying some classic style ‘risk-on‘ at the moment. I’m keeping an eye on the US$ to see if this might last.

USDX weekly: a weekly close and hold below the Cloud would be bearish:

USDXweeklyCloud

USDX daily: watch for any close and hold below 92.50 support.

USDXdaily

S&P500 daily: still above 2,100 and the Cloud:

S&PdailyCloud

TC Signals: Gold triggered a new TC signal during yesterday’s Asian session:

E/U 4hr: only up 70 pips BUT watch if the 1.15 level is breached as this may open a flood gate here:

EU4

A/U 4hr: up 170 pips:

AU4

Gold 4hr: this has moved on a bit already since triggering yesterday during the Asian session (4pm for me):

Gold4hr

Other Forex:

NZD/USD: I said to watch the 0.70 level and price has raced past this following the RBNZ rate hold. Next stop 0.75?

Kiwi 4hr: the question is, will 0.70 be tested again before any potential continuation? Watch out with the next RBNZ Wheeler speech in a couple of hours:

Kiwi4

Kiwi weekly: a hold above this Flag trend line would have me looking for a test of 0.75:

KiwiWeekly

A/J 4hr: I’m watching for any new signal and launch off this major 80 S/R level:

AJ4

USD/CAD 4hr: this triangle breakout is now up over 400 pips!

Loonie4hr

The post That ‘risk on’ shift is getting underway. appeared first on Trade Charting.

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