The US$ ran into a bit of resistance on Monday from some key technical levels and a cautious tone from the Fed Chair, Janet Yellen. This has meant that most of the FX technical patterns, posted over the w/e, are still in play with only Oil and the USD/CNH testing upper trend lines.
Oil 4hr: the 4 hr trend line has given way but a larger and more significant trend line is just above!
Oil monthly: note that this daily chart trend line (above) is the same as the ‘neck line’ trend line on the monthly chart, thus, it’s a big deal if it breaks! The height of this bullish-reversal Inverse H&S on the monthly chart supports a potential move to $90 which is previous S/R and near another major bear trend line!
Silver 4hr: Is the test of the broken 6-year bear trend line over?
NZD/USD 4hr: US$ weakness has come at a good time here…just as this pair looked like going over a cliff!
USD/TRY 4hr: treading water here under major trend line resistance ahead of next weekends important Referendum.