Thursday, March 6, 2014

Trading Week 03/03/14 (5) Yen weakness

Thurs 6th March (3.30 pm)
Yen Weakness: Some Yen weakness is appearing and this is lifting some of the Yen crosses.

E/J: a triangle break may be building here but there is ECB news later today so caution is needed.

A/J: price has rallied to test a recent daily bear trend line. I do note that the TS signal that, sadly, was not supported by the Ichimoku Cloud, would have yielded over 100 pips by now! 

A/J daily: is this another bullish 'inverse H&S' building here too?

U/J: price has rallied here to test the resistance of the monthly 200 EMA. As for the A/J though, the TS signal that was also not supported by the Ichimoku Cloud, would have yielded over 40 pips to date:

Aussie: this pair is still stuck ranging between the support of the 0.89 and the resistance of the 0.905 levels. Any break from these levels might offer a trading opportunity. RBA Gov Stevens speaks tomorrow and this may impact sentiment here so I'd be careful trading around that event as it is well known that the RBA want to see the AUD trading lower and might talk it along that way a bit:

I am still seeing the bullish 'inverse H&S' here on the daily chart though!

Cable: this seems nervous ahead of interest rate news scheduled for later tonight:

Kiwi daily: the daily trading channel break seems to be holding:

AUD/NZD: this bullish inverse H&S is still brewing:

GBP/AUD: bearish 'H&S' still brewing too:

TS signals: there have been very few TS signals due to the choppy market conditions and this is frustrating. Some moves seem to be starting now and may evolve without forming into clean TS signals but, that's the way of it at the moment.

There are a few other technical patterns setting up on the daily charts and I'll be watching these. I'll be on the lookout for any possible new TS signals that might evolve along with any trend line breaks. So, it's a bit of 'watch and act' going on here at the moment. The Ukraine situation is far from resolved and remains as having potential to further undermine any possible developing technical patterns. 

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