Wednesday, April 23, 2014

Trading Week: April 23rd: No drums here yet Fernando!

Wednesday 23rd April (7.15 am)
Stocks continued higher on the back of some positive US data but most FX pairs just continued drifting. The GBP/JPY and Silver might be worth a bit of attention in coming sessions though.

S&P500 30 min: this would have enabled an easy and low risk 'long' trade off the 30 min charts:

S&P500: 'triple top' jitters will probably emerge soon: 

S&P500: watch for any new 'bullish' cross here though: 

Indices: the USDX continues to struggle at the monthly pivot and 4 hr 200 EMA zone. The EURX continues chopping in the triangle:


Ichimoku Indices:  one look at the indices Ichimoku charts and you get the sense that this choppiness might continue a bit longer. Both the USDX and EURX are edging into their daily Clouds and, if they continue on this path, then I would expect the choppiness to continue:

USDX 4 hr Cloud:
USDX daily Cloud:
EURX 4 hr Cloud:
EURX daily Cloud:

Silver and Gold: neither of these are looking too healthy.

Silver: this is trying to hold it together above a major monthly support trend line. A break of this support though and one would have to expect that the $15 might be the next target. This is worth watching!

Silver 4 hr:
 Silver daily:

Gold: my 'inverse H&S is looking a bit dubious now:
Gold 4 hr:

Forex: There is red flag AUD and CNY data scheduled for release today and GBP data later tonight. These data releases may trigger some movement. Watch the GBP/JPY after the GBP data.

E/U: chopping sideways:

E/J: chopping within the daily triangle:
E/J 4 hr:
 E/J daily:

A/U: has drifted up and out of the trading channel and also tried to give a new TS signal but this was too weak. Watch this with data today though as this may start to move if the data is significant: 

A/J: as for the A/U:

Cable: made a daily close above the 1.68. GBP 'red flag' bank rate vote data, out later tonight, might get this going:  

GBP/JPY: this one has become a bit more interesting. The G/J made a daily candle close above the resistance of the monthly 200 EMA which is noteworthy on its own. Price is close to breaking up through the 'neck line' of my bullish 'inverse H&S' pattern although I do concede that this is a bit of a wonky pattern at best. Watch for any daily close above the 'neck line' though as this would suggest continuation and a possible 1000 pip move!

G/J 4 hr:
 G/J daily:

Kiwi: made a channel break and also tried for a TS signal but this was very weak. 

U/J: continuing to struggle at the monthly 200 EMA. Also still ranging within the daily triangle:

U/J 4 hr:
U/J daily:
EUR/AUD: choppy:
GBP/AUD: diito

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