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Asian Markets in the Drivers Seat
The FX week began Sunday evening in New York with the China Equity markets selling off. Initially the US Dollar gained ground - but then gave it back over the past few days. China’s equity markets have shed over 4% in the past two days as signs of exports and lack of internal demand are weighing heavily on the low cost producer. Most likely the weak consumer demand is continuing to trickle back to the manufacturing floors around the Asian markets.
S&P Chops Around - FX Markets Go Sideways
The SP 500 and Futures markets have been consolidating during most of the New York sesssions Monday and Tuesday. This has been keeping the FX Sessions quite choppy. The Yen crosses regained some of their strength and are currently poised at around a 50% retracement at mid week.
Head and Shoulders Everywhere - Formed and Forming!
Compare Line Charts to Candlestick Charts
Many traders often settle into using use only Bar or Candlestick charts - neglecting Line charts. The above example might prompt you to take a look at the other types of charts available to you, putting a new lens on the market!
Inverse Head and Shoulder Patterns Forming - and Almost Complete
AUD-USD 30 Min Chart (Click to Enlarge) - Shows Right Shoulder approaching the neck line.
GBP-USD 30 Min Chart - (Click to Enlarge) Right Shoulder Still Forming as of this writing
The charts are acting quite well from the perspective of correlations - and are setting up quite nicely with some of my favorite patterns - as shown below….
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Jerry Furst is an active trader, educator, and Founder of Investors Education Network (IEN), He is a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.
