Indices, Commodities, and Forex weekly 2/05/2017
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.
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. Good reaction from the support zone leaves 2350 upside target open and in progress. Extended 100% target is 2430.
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. Weekly inside bar could indicate continuation pattern to the upside target of 12040.
XAUUSD – GOLD
Gold is again testing 1215-1230 zone. 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 again closed weekly below 1.0800. It is testing the broken multi-month wedge line and strong resistance 1.0820 level. Rejection and a daily close below 1.0700 level is needed for downside continuation.
USDJPY
USDJPY has closed the week above important 112 level, also the 50% Fibo retracement of June 15-Avg 16 swing down. As long as this level hold, on a daily basis, there is a higher probability that the pair will continue its medium-term uptrend.
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. The daily close below 1.2400 would indicate the clear downtrend continuation.
AUDUSD
The pair is still below 0.7690 level of a downside sideways Pitchfork channel. As long as the pair is unable to break 0.7720 on the daily basis look for chances to short the pair. A daily close above 0.7720 could indicate a break higher and a range 0.7150-0.7720 end.
Buy our Trading strategy report for 2017 on Amazon and get 50% discount on all Premium membership plans! Just send an email to [email protected] after buying!
Get Trading strategy report for 2017 on Amazon
This inter-market analysis report for commodities, indices, and forex is designed to reveal the position of all asset classes on the market and to help you found out where the next trend direction in particular instrument you are trading will be.
Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy and allows you to make position Risk Free. If you want to learn all about it and become a professional Trader, sign up now and become a member here – Regular plans with Mentoring and TrendTrading DNA MT4 template included in Three months and Yearly plans.
We cover all Forex Majors, Crosses, Indices, Commodities, and Stocks. Join us and you will get access to Trade alerts with exact SL and TP levels, real time on email, Viber, twitter private feed, NY session analysis of all major asset classes, Live trading sessions every day moderated by our expert analyst @Aleksfx, Video analysis, Intraday market levels, Live chat support, Educational webinars. You can also read other articles at our Blog and check Chart of The Day
See our schedule HERE