The US$ is treading a fine trend line ahead of tonight’s US NFP. The Federal Reserve in their recent FOMC statement stated that they wanted to see ‘some further’ jobs improvement before increasing US interest rates and, hence, the focus on today’s NFP. Both the US$ and EUR indices remain in 5-month range bound triangle patterns ahead of this release. I continue to watch for any breakout from these triangles to then suggest that some trend action might possibly return to the broader markets.
USDX weekly: still a potential Bull Flag building here but no weekly breakout just yet.
USDX daily: the US$ is navigating this trend line with aplomb!
EURX weekly: this index is holding above the bottom trend line and key 96 level for now:
EURX daily: the trend is still sideways…and has been for 5 months!
S&P500 daily: stocks are seeing choppy action too with the index back below the Cloud again:
TC Signals:
Kiwi: closed off for -30:
U/J 4hr: closed off after just 60:
GBP/NZD: this signal closed off as price is respecting a major trend line:
GBP/NZD 4hr: closed off after giving up to 200 pips.
GBP/NZD weekly: note how price action is respecting the major monthly trend line and, also, how a 61.8% fib would give a pullback to the key 2.10 previous breakout region:
GBP/NZD monthly: the bear trend line is quite clearly being respected for the time being:
Forex:
E/U: no surprise here that there is a potential Bear Flag building as well. Watch for a weekly trend line break…or a daily breakout at a minimum:
E/U weekly:
E/U daily:
A/U daily: this is still hugging the 0.735 region ahead of today’s RBA Monetary Policy statement and NFP. There is a bit of Chinese data released over the w/e to watch out for too:
Cable 4hr: no momentum-based breakout so the trend lines will be adjusted here….again:
GBP/AUD monthly: still watching for a test of at least 2.07 here:
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