Indices, Commodities and Forex Special Situations 05/22/2016
Published on May 22 2016
INDICES
S&P 500 USA Stock market Index
Falling trend line and a possible H&S formation are keeping S&P 500 in a possibility for a test of 2000. If this will be broken we could see a fall to 50% Feb-May move 1960 level.
DAX German Stock market Index
DAX reacting from a rising (bearish) wedge lower line, but caries high probability of a fall below 9750 to 9300 points.
XAUUSD – GOLD
Gold heavy reaction from 1300 $ level leaves a door for further consolidation between 1200 and 1310 $ and even a new bear leg to 1000 $ in the coming months. Gold formed a range just above 34 and 100 SMA (RED AND GREEN LINE). Break and close below 1180 would open further downside.
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. Breaking the rising (bearish) wedge below 1.13000 opens the door for a test of 1.10968 and lower. Moving within channel and we expect 1.10778 161.8 % Fibbo extension test.
USDJPY
USDJPY is holding below 61.8 Fibbo retracement of a BOJ move lower. Reversal of this downtrend is only possible with a break of 114. Below falling trend line and 111.400 level forming a rising bearish wedge. Break below 108.800 exposes downside.
GBPUSD
GBPUSD is testing support 1.4350 level. Below 1.4300 we could see extension lower all the way to 1.3900. GBPUSD is holding above 1.4300 and a break of 1.4650 could lead to a test of 1.4800.
AUDUSD
AUDUSD is testing 0.7200 level which is turning point for a pull back into 0.6800-0.7200 consolidation bottom.
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