Thursday, March 13, 2014

Trading Week 10/03/14: E/U poised for break out!

Thurs 13th March (8.15 pm): 

E/U: the E/U has triggered a new TS signal off my 4 pm candle and is currently pushing up through the major triangle trend line from the monthly chart:

The E/U is trading above the Cloud on the 4 hr, daily and weekly chart so this TS signal is valid. Also, as I've been discussing in my w/e write ups, the move of the E/U up through this triangle trend line corresponds with a move of the E/U up through the monthly Ichimoku Cloud. This is a major resistance zone for this pair to navigate. Price may struggle here for a bit given this is a major break out zone. A failure to hold out of this triangle break could end up marking a turning point for this pair too so the TS signal needs to be motioned:

Kiwi: this pair triggered a new TS signal off my 12 noon candle and is heading up towards the major triangle trend line on its monthly chart too:

AUD/NZD: this TS signal looks to have closed off now after giving 100 pips. I'm looking at the daily chart here with fresh eyes here now. I've done away with scoping for a possible bullish 'inverse H&S' BUT I'm wondering if we are now seeing a bullish 'double bottom' starting to form up? Many traders have been wondering when, and if, this might finally print a bottom and this may be carving out right now:

E/J: still loitering near the 143 level:

A/U: some positive data helped this pair to move higher today. Price is currently just above the 0.905 'neck line' of the daily chart's bullish 'inverse H&S' pattern. I don't have a new TS signal here though. I'm looking to see if this can close above the 0.905 for tomorrow for some possible bullish follow through: 

U/J: no new signal here yet but price is still not too far from the monthly 200 EMA:

Cable: drifting back to the major S/R level of the monthly 200 EMA. A new signal is trying to build here:

GBP/AUD: keeping an eye on this technical pattern too:

Silver: a new TS signal was noted here off my 4 pm candle BUT price, whilst trading above the daily Cloud, is only just about to emerge from the 4hr Cloud and so the signal is not valid just yet. A move up and out of this 4 hr Cloud though would tie in with a move back above the key $21.50 level. Thus, a daily close tomorrow above this $21.50 level would be quite bullish:

NB: there is a bit of US data due out later tonight. The USD continues to slide and it is hard to tell how this data, whether good or bad, will impact the USD but it needs monitoring. The USD is trading down close to a previous low and this zone may offer some support to price:

USDX daily: 

EURX 4 hr: continues to rally

Ichimoku Alignment: In my w/e write up I discussed the fact that the index charts were aligned for 'risk on' momentum across the 4hr and daily Ichimoku charts and this is still the case.

NB: I am away from home at the moment and not able to update too frequently. 

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