Weaker US housing and manufacturing data overnight has kept the US$ in check and hovering around the key 95.50 S/R level. This stalemate has resulted in many FX pairs just chopping sideways but with the Cable as the outlier today following better than expected Retail Sales data. US stocks have enjoyed the slightly weaker US$ and closed higher. There is still an awful lot of high impact data to come on this final day of the week, with US CPI, the BoJ monetary policy and ECB, BoE, BoC and US Fed speeches as just some, so maybe one or some of these will get the US$ moving!
USDX 4hr: still stuck near the S/R level of 95.50:
USDX weekly: this choppiness is helping to form up a bearish H&S:
S&P500: higher on the day:
Silver: still chopping around the 50% fib:
Gold 4hr: similar here too BUT note the almost-test of $1,200:
TC Signal: This hasn’t added much more and I’ll be keen to see where the weekly candle closes: above or below the key 0.735 level?
Other FX: The US$ choppiness is keeping many FX pairs range bound and hence no new TC signals. The Cross pairs often offer better trading, and ususally during the Europe/US session, at time like these and the GBP pairs were an example overnight helped by the GBP Retail Sales data:
GBP/AUD 30 min:
GBP/NZD 30 min:
Data: There is a HUGE amount of high impact data to come today so watch for reaction to these:
E/U 4hr: still chopping above the 4hr 200 EMA:
A/U 4hr: channel bound for now but holding above support from the 50% fib, 4hr 200 EMA and the monthly pivot:
A/J 4hr: just below the key 96 level:
Cable: this popped the trend line following better than expected Retail Sales data:
U/J 4hr: consolidating under major 220 resistance whilst it contemplates its next move:
GBP/AUD monthly: this has popped the monthly bear trend line for now:
GBP/NZD monthly: this is still above the 2.10 level for now:
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