Indices, Commodities and Forex Special Situations 09/03/2016
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INDICES
S&P 500 USA Stock market Index
S&P500 is in an uptrend and according 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. Wedge has been broken and DAX is in the uptrend channel with 11300 target potential. Technical picture is clear and European stock markets are leading the rise despite USA stock market congestion.
XAUUSD – GOLD
Gold has on hold by support zone 1290-1300 and 61.8% Fibo retracement of the last swing high. Also we notice a bull flag formed above broken LT falling trend line. Bounce from here to lead to a test of 1340-1360 zone for an upside momentum to accelerate heading into 1450.
EURUSD
EURUSD is holding support of 34 SMA green line 1.1087 and testing median Pitchfork line 1.12818 level. How to trade with Pitchfork tool join our webinar. The pair is locked between 34 SMA and 100 SMA 1.11087 and 1.12818 level in a wedge. The wedge is narrowing and it is preparing for a break. We expect a break higher based on a recent daily price action and much less probability of a rate hike by the FED in September.
USDJPY
USDJPY is touching from upper Pitchfork trend line 104 level. Rejection here would lead to a turn to 100.122 level again for a continued range or a break lower and downside continuation to 94.750.
GBPUSD
GBPUSD is making a base but we need to see a break above 1.3300 for a bounce higher. Testing upper wedge line again 1.3300 level and we could see a break this time and upside momentum acceleration all the way to 1.3500.
AUDUSD
AUDUSD is still below 100 SMA (RED LINE) 0.7600 and median Pitchfork channel line locked in a wedge between 0.7500 and 0.78000 and we expect to see another upside momentum for a test of an upper level of this range.
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