It is Canada Day and I am not doing much today. It is setting up for a risk-on bounce.
4hr chart. At the bottom of the channel and at the 74.50 pivot level. I am waiting for reaction to the data at 10:00 NY time but a break here has a target of 72.00 and the 61.8fib. Risk on would mean a trip back up to the top of the channel potentially.
Pullecd back to the 61.8fib and price action is now bullish. Break up through the descending channel line has a target of 86 and possibly 87.00
AUDUSD is a bigger bullish butterlfy pattern.
Could be one more swing down for AUDUSD from the top of the channel if the market does not like the numbers.
Upside targets 110.70 - 111.50
The sharp spikes up this morning in cable and EURUSD are tempting shorts if the data is bad ...
I also like EURAUD short at the 61.8fib retracement.
CRUDE short 74.20 stop 74.60 PT 72.00
AUDJPY short 73.60 stop 74.10 PT 71.90
GOLD short 1230 stop 1239 PT 1200
CRUDE closed 50% @73.00 (+1.5R)
CRUDE closed balance 72.20 (+2.5R)
GOLD closed 12.08 - 1.41fib extension (+2.4R)
AUDUSD long 0.8420 stop 0.8395 channel breakout PT 85.90
AUDJPY closed out, not working (-0.8R)
CRUDE long 72.50 stop7190 PT 74.30 - 1hr wedge, 4hr bullish gartley countertrend to re-test channel
EURAUD long 1.4850 stop 1.4970 off 61.8fib PT 1.4530 / 1.4315
Will add another Gold short next rally...
Very bad US data ... Equities are falling and so is USDJPY because bond yields cannot rise on that data. Collapsing yields do not support USD strength but EUR and Cable setting up good shorts for tomorrow