Forex, Indices, Commodities intermarket weekly 10/23/2016

Indices, Commodities and Forex weekly 10/23/2016

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 better your trades.

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INDICES

S&P 500 USA Stock market Index

S&P500 is in an uptrend and according to Pitchfork channel move into 2300 is not excluded. We are waiting for a break of 2200.  Long term trend will be changed only on a break of 200 SMA 2057 level. However the breaking of a Pitchfork uptrend lower channel line from February makes this as a correction beginning. Break below 2057 would lead to a 1910-1950 zone.

 

DAX German Stock market Index

DAX is testing strong support zone 10100-10300 and we expect a bounce from this area because the long term downtrend has been broken. Only a break below 10000 would negate recent upside momentum. Strong weekly bullish candle is calling for a test of important 10756 level which needs to be broken to clear a way for 11600 Fibo extension first target. Huge last week bounce from support zone and we still expect a break out of the flag.

 

XAUUSD – GOLD

Gold is testing support zone 1230-1260 and now with a break of 200 SMA 1269 level to downside we need to see an upside move above this level for an extension of medium term uptrend. Test of 1230 is not ruled out. Gold is consolidating and it needs to break 1291 for a shift in short term trend.

 

EURUSD

EURUSD has broken the wedge to the downside leaving the pair now in a bearish positioning which could lead to a drop in 1.0750-1.08500 zone.  The pair is testing now this support zone and we could see a bounce before downside continuation.

 

USDJPY

USDJPY broke the Pitchfork channel 101.570 level and is pressing 104.750 level for a break to 106-108 zone. This is a second test of 104.750. On the weekly chart we can see hanging man candle below the range high. Bearish move and confirmation of hanging man candle is required for a continuation to 100-101 zone.

 

 

GBPUSD

GBPUSD had a flash crash with a 400 pips move in under one minute leaving a huge pin bar candle below important resistance 1.2780 level. Now the pair will need to consolidate and we don’t expect a continuation of an downtrend concerning 600 pips flash crash candle. Staying aside. This is a school example how it is hard to trade against the prevailing trend which is downtrend here and why is it so good to trade in trend direction. The pair has retested almost 70% of the last weekly candle wick and we could see a bounce from here just for a little correction although trend is strong and trading on a long side is not recommended. We don’t have new lows despite USD strength.

AUDUSD

AUDUSD on a weekly chart is clearly out of the strong long term downtrend by breaking and staying above 100 SMA (red line) 0.7541 level. Now we need a hold of the 0.7500-0.7540 zone and a break and close above 0.7714 level. No change in view but we need to see a break and close above 0.7710 for any directional trade.

 

This intermarket 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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