Hi guys, here is a shot of the 4 hour. This is 'macro' trends for each currency. In short, when the 4 hour over extends, the turns last longer, but take a little longer to turn (i.e. a little harder to time), but the data is still important to have. We can draw trend lines just like a price chart to tell us if we are at the end of a trend or if a new push is forming.
The JPY just broke above it's trend line. We should see strength from the JPY over the next few trading sessions. The price charts for the JPY pair seem to confirm this.
The AUD is trending bullish, but getting close to a top. Technically, the AUD is not over extended yet, but it will be if we get another strong bullish push. Keep that in mind if you are long any of the AUD pairs.
The USD is very bearish (no surprise). The double bottom with a trend line means that the USD should gain strength over the next few sessions. I'll update if the USD breaks below the trend line.
The JPY just broke above it's trend line. We should see strength from the JPY over the next few trading sessions. The price charts for the JPY pair seem to confirm this.
The AUD is trending bullish, but getting close to a top. Technically, the AUD is not over extended yet, but it will be if we get another strong bullish push. Keep that in mind if you are long any of the AUD pairs.
The USD is very bearish (no surprise). The double bottom with a trend line means that the USD should gain strength over the next few sessions. I'll update if the USD breaks below the trend line.
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Here are the same currencies on the normal (short term) time frame. We can see that the USD is bouncing off of lows and the AUD and JPY are also pushing up. Expect the USDJPY and AUDUSD to be very choppy tonight.
