Indices, Commodities, and Forex weekly 2/26/2017
This is a free Inter-market weekly report of price action analysis in three majors asset classes Forex, Commodities, Indices. It is prepared to help you recognize certain market correlations between this asset classes so you can position your trades better.
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INDICES
S&P 500 USA Stock market Index
Support zone is 2250-2270 and the instrument is above 2300 level and on a way to test 2350. Invalidation of the recent medium-term uptrend only in the case of the daily break below 2270 level. Extended 100% target is 2430. There is not any bearish reversal warning left after RSI breached above the 70 level.
DAX German Stock market Index
DAX has held above 11622 Fibonacci extensions. A break above this level opens the upside continuation into 12000 and 12500. Sideways Pitchfork channel suggest the ultimate upside target at 13000 but we could experience pullback after the instrument touch 12040. Support zone now is 11600-11750. It is holding for the targeted upside scenario.
XAUUSD – GOLD
Gold is testing 1258 level 50% Fibonacci retracement of the July ’16 – Jan’17 swing down and a 200 SMA weekly level. As long as 1263-1290 zone hold the instrument is in the medium-term downtrend and this is viewed as a pullback only. This is the third touch of the wedge upper trend line. The instrument needs a hold here and the daily close below 1210 for downside continuation.
EURUSD
The pair has broken below the ascending wedge and it seems as it is in an ABC correction. Targets on the downside now are 1.0466 and a retest of this year low 1.0350 level. We need to see a clear break below 1.05000 level for the downside extension targets.
USDJPY
USDJPY has closed the week again above important 112 level, also the 50% Fibo retracement of June 15-Avg 16 swing down. As long as this level hold, on a daily basis, there is a higher probability that the pair will continue its medium-term uptrend. The pair now needs to overcome 114.400 for a clear upside continuation.
GBPUSD
GBPUSD is in a long term downtrend Pitchfork channel. Only a daily close above 1.2620 level would call for an upside turn and a test of 1.3000. Look only for opportunities to short as long as the pair is below 1.2580. The daily close below 1.2400 level, the strong resistance, would indicate the clear downtrend continuation.
AUDUSD
The pair is still below 0.7690 level of a downside sideways Pitchfork channel. As long as the pair is unable to break 0.7720 on the daily basis look for chances to short the pair. A daily close above 0.7720 could indicate a break higher and an end of 0.7150-0.7720 range. A Doji formation on the weekly is indicating a high probability of downside reversal here but we need to see a close below 0.7650 for this.
Bitcoin
The instrument has reached all time 1165 high. Support for buying is now at 1000-1050 zone. As long as this support zone holds extension into 1268 is likely to happen.
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