There’s a lot of uncertainty around at the moment and funds are being pulled out of stocks causing them to decline again.
JPY surges as Asian money returns to “safe havens” and the other “safe haven”, Gold (XAUUSD) has also began to rise coupled with a weak US dollar.
But, has the USD weakness reached it’s end? Looking at this chart from FXCM the Ichimoku “cloud” may well provide the area of support that’s needed to turn the dollar around again and back to it’s strengthening position.
If it does, then some continuation patterns are available in the FX world including NZDUSD which has a picture perfect double top on the daily chart and is currently sitting just above the neckline.
Another interesting pair to watch is USDCAD. With weakening Canadian data (some news due today) and with a strengthening USD, it could see the pair break the resistance it’s currently sitting at.
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