Indices, Commodities, and Forex weekly 4/02/2017
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
The possibility of a significant pullback into 2070 level will increase only in the case of a clear daily close below 2270. The instrument has bounced from 2300-2320 support zone. The break above 2380 will open the further upside continuation.
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. The break below 1220 is required for the extended continuation.
EURUSD
The pair is heavily rejected from 1.09000 level and has made a giant bearish shadow candle. The real downside continuation test will be 1.06000 level. A clear daily close below this level will open the December 2016 low retest.
USDJPY
USDJPY has pulled back into 200 SMA and has formed a wedge. Testing the 200 SMA strong support 110.130 level 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. 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. The pair has bounced from 900 which could lead to a retest of 1163 level.
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