Assorted forex charts ‘soup of the day’ Monday Week 47 2017
Weekly charts of NZDUSD, XAUUSD, GBPUSD, USDCNH and WTI ‘big picture’ analysis. If one agrees with this moving average roadmap of DXY that the Dollar Index is trending down, then the story that these five charts here present clicks together very well.
Chart #1 – NZDUSD weekly chart July 2015 – present
Bottom left box = previous traded range.
Top right box = recently traded range.
Depending on personal preference, NZDUSD can be described in one of these ways:
- NZDUSD is displaying strong downward momentum. It has fallen out of recently traded 1.5 range to a previous one. Current support is decisively broken. Any pullback is an opportunity to sell.
- NZDUSD belongs to the recently traded range. It’s recent penetration below support maybe a false one; it is in the most ‘oversold’ state in 1.5 years.
Chart #2 – XAUUSD weekly chart from March 2016 to present
Continuation. USDSGD has the same setup.
Chart #3 – GBPUSD weekly chart year to date
Chart #4 – USDCNH weekly chart 2016 – present
Chart #5 – WTI weekly chart July 2016 – present
The way to deal with 52-week high is pretty straightforward. In this case, wait for a ‘higher low’ to complete picture.