US$ pressured by resistance and a cautious Yellen

The US$ ran into a bit of resistance on Monday from some key technical levels and a cautious tone from the Fed Chair, Janet Yellen. This has meant that most of the FX technical patterns, posted over the w/e, are still in play with only Oil and the USD/CNH testing upper trend lines.

USDX daily: a bearish daily candle for Monday with 102 still the number to beat:

This chart shows resistance coming from the daily Cloud and the recent bear trend line with the 102 level above both of these:

Oil: this has tested and broken the 4hr chart’s triangle trend line and note the proximity to the daily chart’s trend line. Note also how the first TC signal of the day on the 15 min chart was a good guide here:

Oil 4hr: the 4 hr trend line has given way but a larger and more significant trend line is just above!

Oil daily: keep an eye on this next major trend line:

Oil weekly: note the triangle trend line is also the monthly chart’s ‘neck line’:

Oil monthly: note that this daily chart trend line (above) is the same as the ‘neck line’ trend line on the monthly chart, thus, it’s a big deal if it breaks! The height of this bullish-reversal Inverse H&S on the monthly chart supports a potential move to $90 which is previous S/R and near another major bear trend line!

Oil 15 min: there was a good TC 15 min signal here yesterday:

USD/CNH: this trend line remains broken for now:

USD/CNH 4hr:

USD/CMH 15 min: yesterday mid morning: I was in and out a bit with family yesterday but noted a new 15 min TC signal on this chart mid morning:

USD/CNH 15: a few hours later: a short sharp but productive burst:

Gold 4hr: still under $1,265 for now:

Silver 4hr: Is the test of the broken 6-year bear trend line over?

EUR/USD 4hr: US$ weakness has helped this pair to hold up near the daily chart’s support trend line:

EUR/JPY 4hr: a daily support trend line coming into focus here too:

AUD/USD: US$ weakness helping here as well:

A/U 4hr:

A/U daily: note the bullish-reversal daily Hammer’ candle:

AUD/JPY 4hr: note the new 4hr descending wedge forming up above daily chart trend line support:

NZD/USD 4hr: US$ weakness has come at a good time here…just as this pair looked like going over a cliff!

GBP/USD 4hr: note the new descending wedge within the daily chart triangle:

USD/JPY 4hr: not much happening here:

GBP/JPY 4hr: nor here:

USD/CAD 4hr: a bit of a retreat here:

GBP/AUD 4hr: not much doing here:

GBP/NZD 4hr: nor here but revised trend lines in play:

EUR/AUD 4hr: nothing much happening here:

EUR/NZD 4hr: nor here:

USD/MXN 4hr: nor here:

USD/TRY 4hr: treading water here under major trend line resistance ahead of next weekends important Referendum.

By Mary McNamara


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