There seems little doubt now that the IHS patterns on various equity indices have failed, and that the wedges on various USD currency pairs look more than likely to play out as well. Here's the broken rising wedge on the ES 10min chart:
The rising wedge on EURUSD broken on Friday, and has already played out to target, and EURUSD has gone on the make a new low from there. The next obvious target is for another touch of the lower trendline of the main broadening descending wedge shown below on the EURUSD daily chart. The target would be 1.1925 if hit today:
GBPUSD broken out of a broadening ascending wedge on Friday, but has held up better since then. The broken wedge has a target of 1.425:
AUDUSD has also broken out of a broadening ascending wedge and that has a target of 0.805:
The only one of the USD currency pairs that I watch regularly (excluding JPYUSD) to have held a rising trendline was CADUSD, and that has broken down from it overnight.
A retest of the recent lows looks likely from here.
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