The two signals are still open even after the spike following Chinese PMI. I wrote last month about the reliability of HSBC PMI (survey of 430) vs the official PMI (survey of 3,000) and the lack of serious follow through today makes me suspect that not much weight is being put into this recent data. The official PMI is due out next week, on Tue April 1st, and this will be the one to watch.
EUR/AUD: I was stopped out at entry here:
Others:
A/U: is still holding above the 'neck line', even after Chinese PMI:
Mon 24th March (10.20 am)
There are two open TS signals that are both in profit: EUR/AUD and GBP/AUD. Chinese PMI is out in a few hours though so caution is needed around this data release.
EUR/AUD: I have my stop to entry here as I'm cautious with Chinese PMI :
GBP/AUD: this gapped down on market open and the gap looks now to be filling. I'm waiting until after Chinese PMI and will see if any weakness returns:
Other FX:
A/U: this is holding above the 'neck line' of the 'inverse H&S' for the time being. Chinese PMI might trigger movement here:
E/U: triangle bound:
E/J: ditto:
Kiwi: ditto:
U/J: ditto:
AUD/NZD: watching the 'double bottom' continue to form up here:
BTW: my Lawyer daughter just sent me the link to this article. Worth reading.
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