There has been some US$ weakness to start the week. I’m reading this was due to poor US data BUT I would posit it could also be due to the daily Ichimoku Cloud acting as decent resistance just above current price action. I Tweeted yesterday to watch for any pause on the USD/JPY, given the […]

Last week: I noted in my last weekly update how US stocks were flashing a signal of hesitation. This evolved in the last week to a signal of mild warning with all four of the US stock index majors, S&P500, DJIA, NASDAQ and Russell-2000 printing bearish weekly candles, in spite of better than expected Earnings […]

There hasn’t been much movement on the instruments I monitor but it is interesting to note how key S/R levels are coming into play for a number of them.The drill is always the same:watch for any momentum-based trend line breakout.

The US$ traded lower following FOMC as the Fed Chair reaffirmed an accommodative approach to interest rates. The US$ weakness has helped a number of FX pairs but the Kiwi was probably the best performer on the day.

Some Yen weakness helped to deliver a wedge breakout on the USD/JPY and GBP/JPY but most other instruments are little changed ahead of today’s FOMC rate update. Momentum is declining across many instruments so watch for any new momentum-based trend line breakouts BUT caution is needed with FOMC.