Indices, Commodities and Forex weekly 12/04/2016
This is 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
Long term uptrend will be changed only on a break of daily 200 SMA 2057 level. Index has made a strong reversal from indicated 2057 level and it is now back again in a Pitchfork uptrend channel. Strong support for a rise to 2300 points is 2130 level. The instrument has a minor resistance at 2215. Break above 2215 will open the door for the upside and would indicate a bullish weekly inside bar pattern.
DAX German Stock market Index
DAX has turned upside from broken Pitchfork downtrend channel 10000 level. The Index is now bullish looking for 11200 target upside level at least. Strong support is 10500-10600 zone and the instrument need a clear break of 10790 level. Strong bullish support indicates uptrend finish of the Year and final quarter.
XAUUSD – GOLD
Gold has turned lower from a falling trend line again after false 200 SMA 1286 level break (blue line) and is now on a way to retest 1080 level also 2015 low. This would be opened with a downside break of 1154.
EURUSD
EURUSD reversed from 100 SMA (red line) 1.11400 for the 11th time in the last six months. 1.0630 level a break point for a strong wedge downside has been broken and downside extension is open. Next strong resistance is 1.04000. Support for downside extension is 1.0650 and the pair is retesting 1.0650-1.0750 this downside support zone.
USDJPY
USDJPY his touching 100 SMA (red line) strong resistance on a weekly chart. Strong upside support zone is 111.500-112 and after 114.750 eventual break upside target is 124. Fractal pattern from Oct 2014-July 2015 is shown on the chart.
GBPUSD
GBPUSD is retesting broken bottom rectangle 1.2340 level and has bounced again to 1.2500. The pair is on a way to retest 1.2800-1.2960 zone of strong downside support. If this is broken 1.3500 target is open.
AUDUSD
With a break below 0.7480 level of 34 and 100 SMA crossing, the pair has opened long term downside trend extension. We have a retest of broken downside resistance. Extension below 0.7300 with a reversal from this levels could lead to extension all the way down to 0.6800-0.7000 zone.
