Indices, Commodities and Forex Special Situations 08/21/2016
INDICES
S&P 500 USA Stock market Index
S&P500 is in an uptrend and acording to Pitchfork channel move into 2300 is not excluded. We are waiting for a break of 2200. Strong support on 2136 direction is clear. How to trade with Pitchfork tool join our webinar. Index is still in a range 2150-2200 but could be a good opportunity for catching longs. SL below 2130.
DAX German Stock market Index
Is retesting 10000 broken wedge line and 34 SMA. After break of 10300 new break point to lead to new highs is 10500. Dax made a clear break of falling LT Pitchfork channel changing the trend completely. Next resistance 11500. Pitchfork channel retest support is 10400. Bull flag is formed and DAX is preparing for a break. Nice long opportunity.
XAUUSD – GOLD
Gold is supported by broken trend line 1320$ and it seems to be preparing for attack on new highs 1400$. Range hold candle is indicating break higher in the following days. No changes in view consolidation triangle underway and holding for uptrend continuation.
EURUSD
EURUSD is holding support of 34 SMA green line 1.10854. Approaching median Pitchfork line and we see extension into 1.13620. How to trade with Pitchfork tool join our webinar. The pair is retracing recent gains but on a good support 1.11500-1.12000 zone and has formed what seems to be bullish inside week which needs to be confirmed.
USDJPY
USDJPY rejected from 200 SMA (BLUE LINE) and 61.8% Fibo retracement of last swing down Watching closely for a break of 99 for extension lower. No changes in view. Still in a small range but could be preparing for a break.
GBPUSD
GBPUSD is making a base but we need to see a break above 1.3300 for a bounce higher. Bounced hard from 1.2900 and made bullish engulfing pattern which could lead to 1.3300. Still waiting for a 1.3300 wedge break.
AUDUSD
AUDUSD is testing median Pitchfork channel line and 100 SMA (RED LINE) 0.7650 level. Break and close above 0.7630 100 SMA after almost three years is significant sign of a trend change in the pair from LT downtrend to uptrend. We don’t have a follow through yet but the pair is in a falling wedge (bullish) and we expect another 0.7640 test and break this time.
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