Indices, Commodities, and Forex weekly 01/28/2016
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.
Click on the charts to enlarge
INDICES
S&P 500 USA Stock market Index
The instrument has reached 2300 near term target. Support zone is 2250-2270 and no further resistance on the upside till 2350. Invalidation of the recent medium-term uptrend only in the case of the daily break below 2220 level.
DAX German Stock market Index
DAX has broken above 11622 Fibonacci extensions. A break above this level opens the upside continuation into 12000 and 12500. Strong support zone now is 11700-11750. Sideways Pitchfork channel suggest the ultimate upside target at 13000 but we could experience pullback after the instrument touch 12040.
XAUUSD – GOLD
Gold is rejected by 1215-1230 zone and is moving lower forming a weekly Doji candlestick pattern. Strong downside support is 1216 100 SMA weekly and the target on the downside is a retest of 1150 level. 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 line. Any weakness next week below 1.0600 would call for a lower range level 1.04000.
USDJPY
USDJPY has closed the week above important 114 level. We need to see a clear daily close above 115.400 level for the medium trend uptrend continuation. Invalidation of the medium-term uptrend only in the case of the weekly break below 114 level.
GBPUSD
GBPUSD is in a long term downtrend Pitchfork channel. The median line is now holding the downside continuation 1.2650 level. Only a daily close above 1.2770 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 1.2650.
AUDUSD
The pair is still below 0.7630 level of a downside Pitchfork channel. Weekly Doji candle is indicating uptrend momentum loss. Look for opportunities to short the pair as long as it is below 0.7630 level. Below 0.7430 downside should accelerate.
