Charts I’m Watching: Mar 30, 2015

CL moved slightly beyond our target at the bottom of the rising channel to test the trend line from 1998.  It got a bounce there, but hasn’t broken above the LT falling red channel midline.  We’ll look to see whether or not it holds at backtesting the broken red channel bottom.2015-03-30 CL v DX 60 0600Meanwhile, EURUSD’s rising channel has broken down again.  The first resulted in the falling red midline being back tested — a net positive — so the bulls need a quick reversal here if the uptrend is to continue.

2015-03-30 EURUSD v ES 60 0600USDJPY continued its bounce off the SMA100, but only got as far as backtesting the broken gray channel just shy of the yellow .618 at 120.11.

2015-03-30 USDJPY daily 0600DX is strengthening as EUR and JPY fall off, and has almost reached Friday’s target.  It looks like too little, too late at this point.  2015-03-30 DX v ES 60 0600

With the futures up 11 points, it appears likely to continue the white channel lower.  But, with the other currencies poised for a reversal, I’m not so sure.  It’s a good setup for a pop and drop for equities this morning.  But, then again, tomorrow’s the last day of the month/quarter…

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