Commodity currencies have been hit hard this week with the stronger US$. Stocks held their ground last session but the weekly candles will likely be bearish for many instruments. Price action can be very choppy during the ‘distribution’ phase so traders need to keep this in mind. GBP traders might have had some success with new breakouts on the GBP/USD and GBP/JPY.

 

Data:

 

Earnings:

 

DXY weekly: a decent sized bullish weekly candle BUT still little supporting AEX momentum. Caution required!

 

Trend line breakouts:

GBP/USD:

GBP/USD 4hr: a new TL b/o for around 100 pips BUT watch 1.36 for any new make or break:

 

GBP/USD 30 min: this TL b/o could have been caught by short-term traders off the 30 min chart:

 

GBP/JPY:

GBP/JPY 4hr: a new TL b/o of the 151 level BUT watch 149 and the TL for any new make or break:

 

GBP/JPY 30 min: this break of 151 could have been caught by short-term and Asian breakout traders off the 30 min chart:

 

Other markets:

S&P500 4hr: watch for any new TL b/o:

 

ASX200 4hr: watch for any new TL b/o:

 

Gold 4hr: watch for any new TL b/o:

 

EUR/USD daily: the wedge still visible here so watch for any new TL b/o:

 

AUD/USD daily: more of a channel visible here now so watch for any new TL b/o:

AUD/JPY:

AUD/JPY daily: more of a channel visible here too so watch for any new TL b/o:

 

AUD/JPY 30 min: note the great Asian range b/o trade opportunity here too:

 

NZD/USD 4hr: holding up relatively well considering:

 

USD/JPY 4hr: watch for any new TL b/o: