Forex, Indices, Commodities intermarket weekly

Indices, Commodities and Forex weekly 12/25/2016

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  continued it’s rise to 2300. It could experience some hesitation around this level. No change in view we are waiting for 2300.

DAX German Stock market Index

DAX has turned upside from broken Pitchfork downtrend channel 10000 level. The Index is on it’s way to test Fibo extension 138.2% 11625 level, from the bottom of 8700 in February 2016. Support zone for this move is 11150-11200. We expect 11600 to be hit before the end of the year.

 

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 1093 in the instrument which is ABC Fibo long term expansion first target form 1834 high.

 

EURUSD

The pair has formed a downtrend Pitchfork channel and breached below it’s median line and important 1.05000 level. We now expect continued downside which needs a break below 1.03890 for hard target of 1.00907. Support for downtrend is 1.0480-1.0530 zone.

 

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. First target is reached and we expect a test of 120-124 in the coming days and weeks. Consolidation before a next directional move, it seems like a weekly bullish inside bar but we need confirmation above 118.800.

 

GBPUSD

GBPUSD has broke the wedge but is still above 1.2300 level. A test of that level would open further downside  extension and a retest of 2016 low of 1.2000. The pair is now below mentioned 1.2300 level, and as long as 1.2500 level holds, downside extension is possible after the 1.2000 retest.

 

AUDUSD

The pair has broken below 0.7300 level opening in this way a possibility for a test of 0.7000. Strong downside support is 0.7350-0.7400 zone.

 

This inter market analysis report for commodities, indices and forex is designed to reveal position of the 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.

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