The US$ has weakened and is down testing a major 3-year support trend line and this move has helped to develop some technical patterns across a few pairs. There have been trend line breakouts from many of the patterns I had posted in my w/e analysis but the gap moves with these meant most were not ‘tradeable’ but one exception could have been the USD/TRY. It is a holiday in Italy, Australia and NZ today.
USDX daily: the US$ gapped lower following the weekend French Elections and is down near a recent support trend line; one that I’d had in with the earlier H&S.
Price is only just above another, longer support trend line though and a break of this would be more significant:
USDX weekly: This support trend line has been in play for three years; since March 2014.
USD/TRY: Like with many pairs this one opened with a gap but the gap meant a 9-week support trend line was broken. Price traded around this trend line for much of the Asian session but then some TC SHORT signals started to kick in once Europe cam on line. The first valid TC SHORT signal was a good one worth around 350 pips!
USD/TRY 4hr: the gap lower broke this 9-week support trend line:
USD/TRY 15 min: the first valid TC signal came during the European session and was a good one!
Forex:
Gold 4hr: we’ve had the test of $1,280 and then $1,265 but the latter gave support. A new wedge with trend lines to watch given the lack of bearish follow through:
EUR/USD daily: the daily chart’s triangle has been brought into greater focus with this US$ weakness. Technical theory would suggest any breakout could be worth around 700 pips so the trend lines are worth watching:
EUR/JPY daily: A two-year bear trend line/daily triangle is in focus here now too:
AUD/USD 4hr: the Aussie didn’t share in on as much of this US$ weakness as some others:
AUD/JPY: the has been a channel breakout here but there is a larger daily triangle that may come into greater focus if this shift keeps up:
AUD/JPY 4hr:
AUD/JPY daily:
NZD/USD 4hr: Like the Aussie, the Kiwi underemployed today as well.
GBP/USD 4hr: ditto here:
USD/JPY 4hr: got a gap higher out of the 4hr triangle but the larger descending channel is still in play:
GBP/JPY 4hr: I have to keep moving this 4-month bear trend line as any moves higher evolve with no momentum:
USD/CAD 4hr: not much happening here:
GBP/AUD 4hr: nor here:
GBP/NZD 4hr: nor here:
EUR/AUD 4hr: a break here but not much momentum:
EUR/NZD 4hr: ditto here:
USD/MXM 4hr: got a gap lower out of the 4hr triangle but the larger descending channel is still in play. Note the lack of momentum:
USD/CNH 4hr: still consolidating here:
