The usual FOMC boost

Correction or a new rally?

Decision is near

3 charts for next week

Brent disappointed

I was expecting Brent to reach at least 120s but it came back to the channel support and broke it at the 4th touch which is usual. Now a downward trend has shaped but since the 5 year channel is now broken I expect this downwards journey will go steeper than this.

Brent breaking up

Brent broke up its descending triangle and the orange support.

Start your week with these

The 5-year trend channel of WTI is unmissable. There has been too many touches on the lower band which makes the channel a bit shaky. Nevertheless, there is also a potential contracting sideways triangle which would be massively bullish. It needs a confirmation with a third touch&bounce on the upper resistance though.

I like the AUDUSD picture here. The 5 year trend channel is broken on the normal scale but the logarithmic scale chart still shows a potential channel with a target of 1.15. It is too far a stretch to call that right now though. It needs a touch first to confirm the blue channel and the orange triangle. 

Short term on the 4 hours chart, the red support will be hit for the 4th time soon where it will probably let go. That break would be a good spot to go short. Aussie's moves are synchronous with Gold and Copper charts here and here which have been in sideways action since 2011.

EUR and GBP hit their supports at the same time where I expect a bounce downwards. If there are good news - as if there can be any - from Cyprus during the weekend, the EUR channel may break up at the open. Also note the negative divergence on GBP.

Brent trend

The 4 year trend in Brent oil is making its 3rd hit on the trendline. It may bounce here for a target of 125s initially and potentially higher later on.

Short term it looks oversold and potentially making a descending triangle which is an ending pattern. RSI has made several positive divergences. It is ripe for a bounce which is in parallel with the weekly chart above. Hope it helps.