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US$ under microscope

The US$ remains in focus as it holds above a recently broken resistance zone. Traders will need to monitor the 95 level to see if this key level evolves from Resistance into Support as this will have implications for commodities and many Forex pairs.

 

Data: a few speeches to monitor:

 

DXY: Recall that 95 is the neckline level for a longer-term bullish Double Bottom pattern on the DXY. Thus, watch to see if 95 evolves from Resistance into Support:

DXY weekly:

 

DXY daily:

 

EUR/USD:

EUR/USD daily: recall that 1.13 is the daily chart’s 61.8% Fibonacci so watch this level for any new make or break:

 

EUR/USD 4hr: there has been a subtle b/o from this chart pattern that was posted yesterday. Watch for any relief run up to the 4hr chart’s 61.8% Fib, near 1.15:

 

GBP/USD 4hr: there has been a subtle b/o from this chart pattern posted recently. Watch 1.35 for any new make or break and, if the b/o is bullish, watch for any relief run up to the 4hr chart’s 61.8% Fib, near 1.365:

 

Other markets:

S&P500 4hr: little momentum here still so watch for any new momentum-based TL b/o:

 

ASX-200 4hr: little momentum still so watch for any new momentum-based TL b/o:

 

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

 

Other charts: little changed from previous update.