Indices, Commodities and Forex Special Situations 10/09/2016
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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. How to trade with Pitchfork tool join our webinar. S&P500 is now testing strong support zone 2100-2130 making this a perfect area for longs if you want to join an uptrend. Long term trend can be change only on a break of 200 SMA 2057 level until then we expect another test of 2200 level. No change in our view triangle is formed and we need a break above 2175. SL on initiated long here below 2070.
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 and 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 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.
EURUSD
EURUSD is in a wedge locked on a weekly chart between 34 SMA (green line) and 100 SMA (red line) 1.1150 level and 1.12128 level. We are expecting a break of this wedge next week and there are signs that EURUSD has established a base here and we could get a turn of this long term downtrend. The pair managed to stay above 1.11000 level and now the only border is 1.13300.
USDJPY
USDJPY is holding the break out zone 99.500-100.500 for now and we expect another test of this zone next week. Strong downside support is 103.600 and as log this level is not broken we expect downside break of this Pitchfork channel. USDJPY broke the Pitchfork channel 101.570 level but is below 100 SMA 103.613 and while it is below that level upside is capped.
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.
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
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