US$ stalls despite upbeat US data

The US$ has stalled despite a night of upbeat US CPI and Retail Sales data. Whether this was due to the weight of technical resistance just above current price or from the cautionary tone Janet Yellen expressed is not clear. This weakness has allowed Gold, the Kiwi and the Aussie to embark on trend line breakouts and the EUR/USD looks like following.

USDX daily: a reversal-style ‘Shooting Star’ daily candle looks like forming up under the resistance of 102 and the daily Cloud. Watch today to see how US Building Permit, the Philly Fed Manufacturing Index and Weekly Unemployment claims data impact price action:

Gold 4hr: this looked like a Bull Flag and it looks like the start of a bullish breakout:

EUR/USD 4hr: watch for any bullish trend line breakout:

AUD/USD 4hr: there has been an ascending triangle bullish breakout. I’ve got 0.95 as a target from my weekly chart analysis over recent weeks. Watch today with AUD Employment data:

AUD/JPY 4hr: weeks ago I set the weekly chart’s bullish breakout target here as 89 and we’re now just 100 pips away from this. Watch today with AUD Employment data:

NZD/USD 4hr: the bullish descending wedge has played out here. Watch 0.73 and 0.74 as potential targets:

The Kiwi’s 30 min chart shows how this breakout move could have been captured:

GBP/USD 4hr: The GBP Employment numbers were decent enough but the wages component was disappointing and this may be what triggered the sell off here. Price has recovered a bit now following the US$ weakness but watch tonight with the next batch of US data. The 4hr triangle has been messy so maybe just focus on the daily chart’s triangle trend lines:

USD/JPY 4hr: US$ weakness has slowed this breakout:

GBP/JPY 4hr: still coiling around within a larger triangle here:

USD/CAD 4hr: still coiling here too for the time being but getting closer to the apex:

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