I had warned yesterday to watch potential descending wedge patterns on Gold and the EUR/USD and both patterns were spot on. US CPI data was a bit soft which has kept the US$ in check and helped to support Gold and the EUR/USD. The DJIA and S&P500 were also supported and closed at new highs. Momentum is either LOW or DECLINING across most of the charts and some have been revised because of this SO watch for any new momentum-based breakouts.
CPI data: data was a bit softer than expected:
Data: lots of GBP related data today:
DXY weekly: momentum still declining:
Trend line breakouts:
Gold: I had mentioned this wedge was not ideal but it turned out to be a most valuable guide!
Gold 4hr: watch for any push to the 61.8% fib, near $1,770:
Gold 30 min: note the great range-breakout trade opportunity here:
EUR/USD: this wedge was a great guide as well. The 1.17 level is a big one to monitor as it could also be a neck line for a longer-term Double Top, as mentioned yesterday.
EUR/USD 4hr: just 30 pips for now:
EUR/USD weekly: one other way of looking at the weekly chart. Is a big Double Top brewing? Watch the 1.17 level for clues.
Other markets:
S&P500 4hr: watch for any new TL b/o:
ASX-200 4hr: watch for any new TL b/o:
AUD/USD 4hr: watch for any new TL b/o:
AUD/JPY 4hr: watch for any new TL b/o:
NZD/USD 4hr: watch for any new TL b/o:
GBP/USD 4hr: watch for any new TL b/o:
USD/JPY 4hr: watch for any new TL b/o:
GBP/JPY 4hr: watch for any new TL b/o:
