Indices, Commodities, and Forex weekly 3/26/2017
This is a free Inter-market weekly report of price action analysis in three majors asset classes Forex, Commodities, Indices. It is prepared to help you recognize certain market correlations between this asset classes so you can position your trades better.
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INDICES
S&P 500 USA Stock market Index
Despite the pullback last week the instrument is still in the uptrend continuation with a strong support zone 2300-2340. The daily close below 2300 would open the door for a test of 2270. The possibility of a significant pullback into 2070 level will increase only in the case of a clear daily close below 2270.
DAX German Stock market Index
The instrument has broken above the 12075 level and the upside target is 12750 now with the support at 11750-12000 zone. Only the clear daily break below 11800 will invalidate the upside scenario.
XAUUSD – GOLD
The instrument has reached the selling 1240-1257 zone again and is testing 200 SMA and falling trend line. There is a negative divergence on bot RSI (13) and CCI (14) indicator are calling for a rejection here and extension lower. Only the clear daily close above 1264 will invalidate bearish scenario.
EURUSD
The pair is in the triangle and is testing its upper line. Rejection from 1.07500-1.08000 zone could lead to a retest of its lower triangle line 1.05000 level. Only the daily close above 1.08000 could lead to a rise into 1.09000-1.10000 zone on the upside.
USDJPY
USDJPY has pulled back into 200 SMA and has formed a wedge. Testing the strong support for a bounce that could lead to a retest of 114 level.
GBPUSD
GBPUSD is in a long term downtrend Pitchfork channel. Only a daily close above 1.2620 level would call for an upside turn and a test of 1.3000. Look only for opportunities to short as long as the pair is below 1.2580. The pair has pulled back into the selling area 1.2500-1.2570. Triangle continuation pattern is in play.
AUDUSD
The pair is rejected again from a strong resistance 0.7700-0.7740 zone and the daily close below 0.7540 is important for the downside continuation. Only a clear daily close above this zone could increase the probability for an upside continuation into 0.8100.
Bitcoin
The instrument has reached 1268 level also 1.414 Fibo extensions and is pulling back to an upside channel support 800-900 zone with 800 being a crucial breakdown level. Look for reaction from here for a continuation or a deeper pullback.
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