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Wednesday, 23 April 2014

ASX 200 - 5500 is now KEY support

Time for a top down look at the ASX 200, as it is at a critical juncture. All charts include after hours trade.

Weekly chart shows the market testing resistance at a multi year trend line. If it can meaningfully beat that line, the next target would be the nearby parallel trend channel line, around 5650. Importantly though, at what level would we know that the attempted upwards break has failed?


Daily chart zooms in showing the same trend line test, and suggests that a move below today's low would show a false break


Hourly chart shows that a move below 5500 would break the recent up trend. Combined with the potential for a bigger picture false break, that 5500 zone is now key support. Below that the downside potential is large.


Gold rallying from test of early April low? Not for long?

Daily chart shows Gold yesterday tested the early April low. That said, the trend is down.


Hourly chart shows Gold rallying upwards from the steeper down trend channel. Given that the daily trend is down, watch for a turn lower from tests of the shallower down trend line or the cluster of resistance around 1300.


Nikkei long term chart - next leg of multi decade bear market beginning?

Is the next leg of the Nikkei's multi decade bear market beginning? The false upwards break from the long term down trend channel indicates that it is, unless the market can again break upwards.


USD/JPY trading in 3 month range, biased lower toward test of 1 year old trend line?


NASDAQ 100 futures breaking down on hourly chart?

Hourly chart shows a false break higher from the illustrated wedgey pattern, followed by a break lower.



GBP/USD riding trend channel higher but nearing LONG term resistance

Daily chart shows that the GBP/USD has ridden higher inside the illustrated trend channel for the past six months or so.


Monthly shows that it is nearing a LONG term resistance level.