Indices, Commodities, and Forex weekly 01/22/2016
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 instrument has bounced from 2220 level of support. Buyers should look for opportunities to buy on the break of 2270 to target 2300 and higher levels. Invalidation of the recent medium-term uptrend only in the case of the daily break below 2220 level.
DAX German Stock market Index
DAX is testing 11622 Fibonacci extensions. A break above this level is needed for upside continuation into 12000 and 12500. Strong support zone is 11450-11500.
XAUUSD – GOLD
Gold is rejected by 1215-1230 zone and is moving lower forming a weekly Doji candle. Look for short entries as long as the instrument is strongly below 1265 level (200 SMA-BLUE LINE).
EURUSD
The pair is testing strong support zone 1.0680-1.07500 and we see a downtrend channel formed here. A retest of a broken multi-month wedge and Pitchfork channel median line. Any weakness next week below 1.0600 would call for a lower range level 1.04000.
USDJPY
USDJPY has bounced from 112.500 level. Next week on watch would be an 113.500-114 support zone if reached, and 115.470 level for upside continuation. Only a daily break below 112.470 would lead to a deeper correction into 109-110 zone.
GBPUSD
GBPUSD is in a long term downtrend continuation. Only a break above 1.2450 could indicate an upside continuation. The Strong weekly bullish candle had a lower open which ruled out bullish outside week and instead left the pair just in a pullback to 1.2380 level. The daily break below 1.2200 would mean that downside is about to extend.
AUDUSD
The pair has bounced from 0.7150 downside resistance and is reaching extremes of downside support 0.7500 level. We still see this as a pullback in a larger ABC expansion lower and looking to fade the move for downside continuation.
