Indices, Commodities and Forex weekly 12/11/2016
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. As indicated the instrument continued it’s rise to 2300. It could experience some hesitation around this level.
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. Instrument broke above 10790 and we are looking at higher levels now 11625 followed by 12000 in the coming days and weeks.
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. With a break of 1160 now we could see 1080 in the instrument which is ABC Fibo expansion ultimate target.
EURUSD
Strong reversal from strong downside support zone 1.0750-1.0850 is indicating bearish continuation ahead of FED meeting this week. A break of 1.05000 will open the door for a test of 1.03890 before parity.
USDJPY
USDJPY has finally broke above 100 SMA (red line) on the weekly chart 114.720 level. Targets higher are 117.750 followed by 124. Strong upside support is 113.500-114 zone.
GBPUSD
GBPUSD is making and inside bar pattern on the weekly chart or a bearish reversal. This will be resolved with the coming week price action. Levels to watch 1.2780 for the upside and 1.2400 for the downside.
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.
