Indices, Commodities and Forex Special Situations 04/23/2016
Published on Apr 23 2016
INDICES
S&P 500 USA Stock market Index
Huge up move previous month. On Weekly entered 2070-2100 resistance zone. Only a break above 2100 will lead to a strong continuation of uptrend. We still have no break of 2100 and we are on sidelines.
DAX German Stock market Index
DAX needs to overcome 10350 for the bulls to get in shape again and move higher into 10500. It has broken strong resistance to upside and is on for a test of 11000. Break below this level and 200 SMA on weekly at 9.280 will lead to a shift in a trend.
XAUUSD – GOLD
We see GOLD bullish despite last week correction lower. Gold is reacting to previous broken resistance at 1230. Bears will be in control only if breaks 1200. We see it higher into 1300 $
EURUSD
EURUSD is back into the wedge and it seems preparing for another attack at 1.14667. Highly supported at 1.12000. Break below 1.10640 needed for invalidation of new move higher.
USDJPY
USDJPY is retesting broken resistance zone at 110-700-111.700. Good place to join this downtrend. Only a break above 115.600 will invalidate downtrend.
GBPUSD
GBPUSD is still holding 1.4040 level and is now testing 1.4400 for a break of this Inverse H&S formation.
AUDUSD
AUDUSD is retracing latest swing higher and is now at support 0.7700. We expect another test of 0.7900.
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