Indices, Commodities and Forex Special Situations 09/18/2016
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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. No change in our view. SL on initiated long here below 2070.
DAX German Stock market Index
DAX si testing strong support zone 10100-10300 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 as long as 1290 holds. Gold is sitting now on a perfect support for the upside continuation. Sl on longs should be below 1287.
EURUSD
EURUSD is in a wedge still and rejected from 1.13400 level again and is been locked in a wedge between 200 SMA sitting on and 1.1340. As long as 1.1060 holds we expect another range high and a possibility of the break higher.
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. We expect USDJPY to stay in the range 100.600-102.250.
GBPUSD
GBPUSD has made a false break to the upside from a wedge and is now testing again lower wedge level 1.2930-1.3000. Bounce from here is required for a relief. Only a break of 1.2800 would mean a continuation lower in any other case this is a base.
AUDUSD
AUDUSD has retraced recent gains and entered strong support zone 0.7400-0.7500 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 and this is also a level where SL on longs should be below.
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