USDX: still no clear direction! by Mary McNamara

The USD index continues negotiating the Double Top 95.50 region and so there is still no clear new direction evident on the index nor, for that matter, with most FX currency pairs. Stocks have pulled back from their recent highs and Gold is clinging on to $1,200 support. I still consider that FX will remain choppy until there is a clear breakout or rejection by the USDX of this 95.50 level.

USDX 4hr: the index had a peek above the 95.50 during the US session but that was short lived. 


USDX weekly: Bull Flag or bearish Double Top? The jury is still out here!


EURX daily: looking bearish but possible support at 96 isn’t too far away:


TC Signals:

U/J: this has closed off after a meager 70 pips. I still consider this pair closely linked to the fortunes of the USDX thus, as I have been saying, I won’t be really convinced of any triangle breakout move on the U/J unless there is a bullish 95.50 breakout on the USDX:

U/J 4hr: still trading up near the trend line though:


U/J weekly: a Bull Flag?


U/J monthly: any bullish continuation would have me on the lookout for a new Cup ‘n’ Handle pattern forming up:


E/J: a correction to yesterday: this signal did not actually close off. It is still down about 10 pips though:


Other FX: Fed Chair Janet Yellen is giving a speech later this morning so watch for any FX reaction here.

E/U: remains near the 61.8% fib of the major 2000-2008 bull run, below a recent triangle break but above potential 1.11 ‘Double Bottom’ support. Note the lack of momentum here. Maybe ECB and NFP news later this week will conjure a move:


A/U: hanging out near the safety of the 0.785 S/R level. Watch for any reaction with AUD GDP data later today:


A/J: navigating trend line support with aplomb! Watch for any reaction with AUD GDP data later today:


G/U: some upbeat GBP data and a flat USD has helped to hold this pair above support from the 4hr 200 EMA and monthly pivot. Price is stuck in the daily Cloud but the weekly chart still looks a bit ominous. Watch for any reaction with GBP Service PMI data later tonight:

G/U 4hr: chopping sideways above the 4hr 200 EMA for now:


G/U weekly: still looking ‘Bear Flag’ like here at the moment:


G/U daily Cloud: still stuck in the daily Cloud and below 1.55 for now:


 Kiwi: has held up well with the choppy USD and is still above a support trend line:


USD/CAD: still ranging within the 4hr Flag/triangle. Watch for any reaction and possible breakout move with BoC Interest Rate news tonight:


USD/CAD monthly Cloud: this may the ‘Handle’ forming up here for my monthly chart Cup ‘n’ Handle:


Silver and Gold: the next big move on these two will most likely depend on which way the USD breaks from its current position. A bullish USDX breakout would put pressure on these two but a bearish pullback would help to support them.

Silver: still above $16 support and within the descending wedge for now:


 Gold: still above $1,200 support and within a ‘revised’ trading channel:


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