Indices, Commodities and Forex Special Situations 09/11/2016
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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. How to trade with Pitchfork tool join our webinar. S&P500 is now testing strong support zone 2100-2130 making this a perfect area for longs if you want to join an uptrend. Long term trend can be change only on a break of 200 SMA 2057 level until then we expect another test of 2200 level.
DAX German Stock market Index
DAX si testing strong support zone 10400-10500 and we expect a bounce from this area because the long term downtrend has been broken and only a break below 10000 would negate recent upside momentum. Trend is now clear and like in S&P500 this is just a retracement of the recent gains.
XAUUSD – GOLD
Gold still has not broken the flag upper falling line 1360 level and we expect another attack on that level in the following days. Weekly close (shown on a chart) could be fakey and a break above 1360 is required for and upside momentum acceleration into 1400.
EURUSD
EURUSD is in a wedge still and rejected from 1.13400 level again but gaining momentum and strongly supported by 1.1200 so we expect another break out attack on 1.13400. A break of this level would lead to a strong upside momentum all the way to 1.15000-1.17000 level. Only a break below 1.10000 would mean that this is downside continuation wedge. Anyway break is expected soon because of this wedge narrowing.
USDJPY
USDJPY is holding the break out zone 99.500-100.500 for now and we expect another test of this zone next week. Strong downside support is 103.600 and as log this level is not broken we expect downside break of this Pitchfork channel. Shorting here could be a nicely rewarded trade.
GBPUSD
GBPUSD is breaking the wedge and went above 1.3300 level but without follow through. Now we need to see 1.3200 strong support level to hold for an upside momentum to gain strength and acceleration. CCI (20) Indicator is above the 0 level and providing support for another upside move.
AUDUSD
AUDUSD has retraced recent gains and entered strong support zone 0.7500-0.7530 and bounce is expected from here for another test of upper wedge line 0.7720 and possible break out to the upside. Only a break below 200 SMA 0.73930 will invalidate recent medium term upside trend.
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