To find out what basic drivers and specialized signposts DailyFX analysts are seeing, have a look at the Q2 predictions for a variety of markets around the DailyFX Trading Guides page. US Dollar Index (DXY) bouncing off service
The confluence of service by means of a trend-line (bottom of wider wedge) and also the 200-day is holding up to now. The elevator gets the DXY from immediate threat, but does it survive? Not certain, but so long as service doesn’t break then we have to respect it.
Longs can utilize it like a line-in-the-sand, so can shorts. Stay above and also the trading prejudice is neutral to bullish, fall below and that prejudice could sharply turn in favor of vendors. A close beneath 96.46 must do just fine in reversing the script. US Dollar Index (DXY) Daily Chart (support holding so far) EURUSD tangled up in trend-lines
The Euro was stuck atop trend-lines coming from many angles just as long ago it’d support lines running beneath it from many angles. This makes things somewhat cluttered, but the huge brink near the peak of the decreasing weekly leash has retained the progress lately form bettering itself (thus far). Must respect immunity before broken, a fracture above 11348 along with the 200-day only above there might have EURUSD hastening higher. Stay beneath and the prejudice is neutral at best, to reduce. EURUSD Daily Chart (trend-line immunity ) EURUSD Weekly Chart (falling wedge) GBPUSD bullish pattern still undamaged
The reverse head-and-shoulders (H&S) routine in Cable remains intact, but hardly. It needs to rally over the neckline to confirm, it almost did yesterday, but almost isn’t good . A 4-hr final candle over 12763 is required to kick off a move higher. When it doesn’t soon enter equipment, a retest of this October 2016 trend-line (or worse) could be in store.
GBPUSD Daily Chart (Oct ’16 t-line) GBPUSD 4-hr Chart (reverse H&S routine ) AUDUSD will be trading in new cycle highs
AUDUSD recently analyzed and verified that the bottom of this October-May descending wedge, which keeps the strain. Yesterday, a bear-flag/channel configuration has been snapped, helping farther along a down-move from the near-term. The current low at 6847 right down into the flash-crash reduced from Jan 3 in 6744 could shortly are involved. To turn matters impartial to greater a break inside the wedge is going to be necessary. AUDUSD Daily Chart (looking towards current non, flash-crash non ) USDJPY posting possibly bearish pattern at large support
USDJPY isn’t special motivated by the June 2016 trend-line up to now, posting a possibly short-term bearish cost sequence whilst sitting . The near-term cost action is taking on the form of a bear-flag over the limits of a pair of downhill sloping parallels. The conflict of long-term fashion support and brief to intermediate-term bearish forces is creating for an interesting dynamic.
A break of this bear-flag could put into motion a far bigger fracture, but don’t be surprised if it ends up to be a fake-out awarded the long-term character of support. Will run using a break, originally, but cautiously so. Trade higher over outside the station (from April large ) and the prognosis improves to the upside. USDJPY Daily Chart (trading about trend-lines) Forex & CFD Trader Resources
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