General Market Outlook - May 17th, 2014

17 May 2014

Interesting Pairs:

EUR/USD - Bullish
- Thursday had a bullish hammer pinbar
- Price bounced off 1.364X support level

USD/JPY - Bearish
- Price closed below the long term upward trend line
- Price also closed below bottom channel line as well

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Developing Pairs:

GBP/USD - Bullish
- Wait for price to hit the bottom trend line in the low 1.67XX region

USD/CHF - Bearish
- Wait for price to hit the top trend line in the high 0.89XX region

XAG/USD - Bearish
- Still waiting for the descending triangle to break support and move down.

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Confusing Pairs:

AUD/USD - ???
- Looks to be forming a top but I have no idea
- Might find support as price goes down to meet the upward trend line

NZD/USD - ???
- Currently in the middle of the channel
- If price didn't bounce in the middle of the channel, I wouldn't be confused
- If I had to pick a direction, I'd lean towards down from here since it "should" touch the bottom of the range before touching the top again.

USD/CAD - ???
- The bounce off the trend line last week was weak
- Now it looks like price wants to continue moving down

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Disclosure: I have no open positions right now but may trade based on my analysis, so take this into consideration as I may be biased.