Indices, Commodities and Forex weekly 01/1/2016
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
The instrument has finished a week lower, but withing strong intact medium term uptrend. Support zone is between 2175-2200 if reached. Buyers should look for opportunities in this area to target 2300 and higher levels.
DAX German Stock market Index
DAX is in a two weeks consolidation below 11600 level. As long as the pair is above 11300 level medium term uptrend should continue. Targets higher are 11600 and 12000.
XAUUSD – GOLD
Gold is rejected from 1150-1170 zone downside support on the weekly chart. Downside continuation is expected as long as the pair is below 1175. Extended bearish targets are 1110 and 1090.
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 1.0550-1.0600 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.
GBPUSD
GBPUSD is in a long term downtrend continuation after breaking the ascending wedge and 1.2300 level. As long as, the pair is below, 1.2450-1.2500 zone we could see a retest of 1.2000 low.
AUDUSD
The pair has made a bearish inside weekly bar as it seems. For further extension lower we need to see a break below 0.7150. Downside extension targets are 0.7080 followed by 0.7000.
