Tuesday, 3 September 2013

AUD/USD yes Virginia, it's still in a down trend

AUD/USD daily chart illustrates down trend. Any talk of meaningful rally until that trend line is beaten is somewhat bizarre, to my way of thinking. But, my way of thinking may seem somewhat bizarre to many people.


Weekly chart shows the market testing trend channel support. If (if) that support is broken, the measured target from the triangle break comes in to play, being low 0.80s, around the 2010 low.


USD/JPY breaks trend line resistance, supporting broader USD strength

Daily chart illustrates that the USD/JPY has broken trend line resistance, supporting broader USD strength against other currencies. Perhaps as suggested the week before last, we saw a double bottom in the USD index at it's June and July lows?


EUR/USD headed lower in right Shoulder of one year old Head and Shoulders top?

Daily chart illustrates the one year old Head and Shoulders top.


Also significant is the turn lower from long term trend line resistance on the weekly chart.

GBP/USD peaking in right Shoulder of one month old Head and Shoulders top?

This morning I tweeted "GBP/USD forming right shoulder of Head and Shoulders top?" and illustrated with an unlabeled 4 hour chart, where you had to use your own imagination. Not too difficult I think. In any case, the following hourly chart illustrates the point. My post of a week ago illustrates the bigger picture, most notably the recent bearish break from a multi year triangle, targeting a move to around 1.30... the wedge referred to in that post has morphed in to the H & S shown below.