AUDUSD: Looks heavy at the 6-month lows

A quiet start to the week but it was always likely to be the case, following all of the excitement from ECB, FED and SNP last week.

IRON ORE: Plunges to fresh 5-year lows

NZD: Consumer sentiment falls to 4-month low

UP NEXT:

EUR: Draghi's speech tonight will be closely monitored to see if there is any mention on QE, such as which market/s, how much and the timing. If a solid plan of QE is presented then this could be Euro positive and USD negative.

USD: No red news from US tonight so we are likely to see limited moves. Therefor stick to lower timeframes and/or sensible profit objectives.

TECHNICAL ANALYSIS:

USDJPY: Bullish Triangle? Or Bearish Reversal forming?

My bias if for price to remain above 108.50 and trade within a sideways correction. Whilst this may not be as exciting as the past 4-weeks of gains have been, it does provide bullish setups above these key levels of support and the ability to book quick profits.

However where it may get more interesting is if we break below 108.375. If you look at how aggressive the buying was below this level then it may well provide a rapid bearish acceleration if this area is visited again.

I have drawn a rather poor triangle (which is usually bullish) but we could also consider this to be a skewed H&S reversal or a Double/Triple top. If these bearish patterns do come to fruition then there may be more pips to be made on the downside.

AUDUSD: Looks heavy at the 6-month lows

Despite a lack of AUD or USD news tonight we could see technical selling down towards support levels. H1 has presented a potential Double Top at the lows so we can go to lower timeframes to seek bearish setups in line with the trend.