USD cannot break out from support zone

USD enters support zone

GBP is breaking out from the narrow channel

Should it manage to break out the next resistance is around 1.2850 that would be at the 50_4h SMA.

EUR is struggling even to touch the resistance. 

EUR exhibits potential reversal pattern

Meanwhile SP500 is bouncing back from the same support which is in a broader context became very important.

GBP AND AUD are at multiple S/T bottoms.

CAD similar to EUR

Corrections in some FX pairs are bumping into S/T resistance

SP500 is trying to bounce from S/T support

Gold is trying to break key support 5th time

USD is the winner of the Trade War so far

Majors are falling off the cliff this morning. EUR/USD cleared a massive stop area.

Only JPY can maintain some strength as this is viewed as a risk off sentiment.

This could spread to equities. ES and NQ futures are in the read now.

USD Index is at a minor resistance

USD Index bounced back from the L/T support and back in the almost 2 years old channel. It is facing a minor resistance now. Should it break the the measured move target is around the July 2016 high.

EUR/USD is at strong support, whereas GBP and AUD have broken important levels.

EUR breakout is being faded so far

EUR/USD broke the 1.0900 level yesterday, but after forming a double top it is now at 1.0880.

FX Major Support/Resistance Day

Many pairs are at or very near to major support or resistance levels:

EUR and CHF break important levels

Gold is at the 50% Fibo level

DAX HS, EUR/USD is giving up on 1.0600

Cable tumbles amid hard Brexit fears

The press coverage suggests that May's message on Tuesday will be very much hard Brexid biased. This sent the cable north opening with a 140 pips gap. The next resistance is the flash crash low around 1.1500. 

All other major peers are weaker against the USD in the range of 0.20-0.50% except from JPY which is 0.30% stronger as risk-off trade picks up.

The dust settled

I did not daytrade the post election hectic price moves, it is time to look at the shorter time frames again.

SP500: I don't see the risk reward on the long side, whereas I don't like the short because of strong market sentiments.

NQ: I missed two entries on the long side, so it is time to wait and see.

Gold: the chart is too noisy for me to trade at the moment.
Update: Gold is heading to 1200.
Update2: Thinking this through again, it was a very big mistake not to expect Gold short. Obviously massive risk-off positions were built up before the election that are being unwound. 

EUR: it is at a long term (March 2016) resistance, so I look for come correction. I missed two entries here again, stop would be at entry now.

GBP: I do not trust this rally and I will look for short entry around 1.2800 if it gets there. 

Aussie and Kiwi: both charts are too noisy for me.

JPY: approaching a major resistance at 107.50. No risk reward on the long side and I'm bearish on JPY.

CAD: it is also too noisy.

Risk-Off

Markets are clearly in risk off mode today, most likely it is to do with the upcoming US election. I would refrain this week doing any risk-on trade as the risks are pretty asymmetric that puts the odds against any such trade. 

Economic Data
Both BOJ and RBA announced the leave the rates unchanged. Aussie rallied whereas JPY is unchanged. CHY Manufacturing PMI was much better than expected.

FX
CHF and Gold gained some 0.90. CHF is sharply down after a HS formation (4H chart). 

EUR exhibits a nice relief rally as I don't think it has anything to do with the risk-on sentiment. The short side was simple too crowded. Though, I try to fade the rally as I think it is technically driven.

The AUD rally was sparked by the RBA  on-hold decision. I don't have much faith in the move so I probably will look for shorting it on lower timeframes. 

Perhaps the NZD is a better short should AUD turn north.

USD/JPY looks bearish as risk-off developed. I would see how it develops and look for long around 104.00.

Equities

Both SP500 and DAX are near pivot point especially the latter one and it looks just before falling off the cliff.

Dollar sideways, equities are widening the range

The good US preliminarily GDP (+2.9% q/q annualized vs +2.6% expected) did little with the USD.

EUR is within yesterday's range. There are two forces drive EUR rates:
- Policy divergence trades fueled by the increase in December FED rate expectations against the common currency.
- Better than expected Eurozone data helped the EUR. Coming releases will be important in this respect.
Look for short entry around 1.0950 or 1.0965 and false breakout, strong rejection bar at 1.0850.


There is not potential fundamental catalyst in sight that could significantly move GBP. Brexit talk ignited moves were faded quickly recently. Look for short at 1.2250 and long at 1.2080.


Aussie gave back the better than expected CPI gains and more. Its is in the middle of the 0.7500-0.7700 daily range. Look for opportunities at these levels.

Kiwi is somewhat similar to AUD on daily basis but looks technically stronger on the hourly chart. AUD/NZD cross seemingly rejecting the 5 months old resistance at 0.7700. Iron ore prices rose for the seventh day by 10%. Aluminum prices have also rallied strongly to five-year highs. The commodity complex should support the AUD, so I would not short at 1.0770. I would rather look for the false break of the 1.059 0 resistance.


USD/JPY exhibits some consolidation. I look for long at 104.85.


USD/CAD breakout loosing steam. Look for long entry at the retest of 1.3250.


SP500: long at 2124/2110 short at 2150/2170.