The US$ has rallied following President Biden’s renomination of Jerome Powell as the US Federal Reserve Chairman. The main movers after this news were Gold and the USD/JPY but pressure remains on all USD based Forex pairs. The thinner markets due to the holiday Thanksgiving week can generate exaggerated market moves so extra caution is needed if trading this week.

 

Data:

 

DXY daily: higher after the news of the Powell renomination so watch the 50% Fibonacci for any new make or break:

 

Trend line breakouts:

Gold: proved sensitive to this US$ move.

Gold 4hr: watch $1,800 for any new make or break:

 

Gold 30 min: note the sharp move:

 

Gold 15 min: a range-breakout trade would have worked here though for those who trade this time frame:

 

USD/JPY:

USD/JPY 4hr: watch 115 for any new make or break:

 

USD/JPY 30 min: a sharp move here as well:

 

Other markets:

S&P500 4hr: a break lower so watch 4,650 for any new make or break:

 

ASX-200 4hr: watch for any new TL b/o:

 

EUR/USD 4hr: weaker with the stronger US$ BUT holding up rather well, all things considered. Watch for any new TL b/o:

 

 

AUD/USD 4hr: also weaker with the stronger US$ BUT holding up rather well, all things considered. Watch for any new TL b/o. Note the contracting momentum:

 

AUD/JPY 4hr: Watch 83 and for any new TL b/o:

 

GBP/USD 4hr: also weaker with the stronger US$ so watch the recent low for any new reaction:

 

NZD/USD 4hr: also weaker with the stronger US$ so watch the monthly 200 EMA for any new reaction:

 

GBP/JPY 4hr: watch tfor any new TL b/o: