Full hawkish Dudley boosted the USD yesterday, but apart from that market looks rather sleepy and unfortunately many instruments are locked inside the mid-term sideways trends. Luckily, FX is packed with instruments and we still can find something interesting.
First we would like to check the EUR/JPY. Here we do have a flag in an up trend, which is bullish. We also defended the mid-term horizontal support on the 122.8, which makes this positive outlook only stronger.
Another one is the EUR/USD, where the price broke first out of the four important supports. One can say that it is not so bad yet but the fact that we are close to the monthly lows is not helping here. As long as we stay above the sentiment is positive but chances for a bearish breakout are rising.
Gold is creating the right shoulder which can be catastrophic for buyers. Currently we are defending the mid-term up trendline but the neckline is not far away. The situation is getting a bit dangerous for the bulls and if the want to keep the positive sentiment (kind of) alive, they should act now.