Indices, Commodities and Forex Special Situations 10/02/2016
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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 triangle is formed and we need a break above 2175. SL on initiated long here below 2070.
DAX German Stock market Index
DAX is 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. Strong weekly bullish candle is calling for a test of important 10756 level which needs to be broken to clear a way for 11600 Fibo extension first target. Huge last week bounce from support zone and we expect a break out of the flag.
XAUUSD – GOLD
Gold still has not broken the flag upper falling line 1340 level and we expect another attack on that level in the following days. Support zone 1286-1300 has strongly hold for several weeks and now we expect a break higher to use it for establishing a long position and to target 1466. Gold is still testing support and we expect a soon resolution of this range.
EURUSD
EURUSD is in a wedge locked on a weekly chart between 34 SMA (green line) and 100 SMA (red line) 1.11311 level and 1.12374 level. We are expecting a break of this wedge next week and there are signs that EURUSD has established a base here and we could get a turn of this long term downtrend. The pair managed to break and stay above 100 SMA 1.12245 and now the only border is 1.13300.
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 break 99.500 for extension lower into 94.750. No changer in view.
GBPUSD
GBPUSD has made a hammer candle on a weekly chart and this could hold a fall and we could get another upside move in this wedge. The wedge has still a space for up down moves and we expect a sideways range inside of the wedge in the following days and weeks.
AUDUSD
AUDUSD has made a giant bullish shadow candle on a weekly, from strong support 0.7500 and is for the first time above 100 SMA closed. We expect and upside break of 0.7760 for extension higher into 0.8000-0.8200 zone. The downtrend has turned completely now and we have a huge space upside for upside continuation.
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