Indices, Commodities and Forex Special Situations 05/08/2016
Published on May 08 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. S&P 500 hovering above support zone.
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. If DAX breaks 9770 uptrend line we could see a test of important 9300 200 SMA (BLUE LINE).
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. Death cross doji below 1300 $ is not constructive for bulls and with overall USD strength we can see consolidation between 1230-1300 $ at least.
EURUSD
EURUSD is back into the consolidation after another false break higher. For an upside continuation wee need to see a close above 1.17000.
USDJPY
USDJPY is forming Inverse H&S bottom just above important 105.200 level. Only a break below this level could lead to downside extension. Levels for the upside to watch 108.740 and 109.500.
GBPUSD
GBPUSD reversal from 1.4800 is strong and a break below 1.4300 could completely turn back pair in downtrend.
AUDUSD
AUDUSD is retracing medium term uptrend and is testing 0.7200-0.7360 support zone. If we get a close below 0.7200 the pair will be back into bottom consolidation.
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