Wednesday, 11 May 2011

Gold hourly

Gold has broken the lower trend line of the corrective channel.

GBP/USD hourly

Possible completion of corrective channel, would be confirmed by a move below the lower line.  

EUR/USD hourly

Following the impulsive decline 1-2-3-4-5 that began last week, the EUR/USD appears to have completed an A-B-C correction. The correction's completion would be confirmed by a move below the lower corrective channel trend line.

FTSE 100 hourly

The FTSE looks to be forming an upwards corrective wedge.  A bearish signal would be given by either a completed throw over of the top wedge line, or a break downwards through the lower wedge line. 

Gold hourly

Following last week's decline, Gold has moved upwards in a seemingly corrective manner, and is now testing the 0.50 Fibonnaci retracement level. 

ASX 200 daily

There remains no clear trend. The hourly chart trend channel break shown previously has fizzled, so it is time to wait for another edge. 

AUD/USD daily

The high of the day so far is 1.0850, which invalidates the Elliott Wave count shown previously at hourly chart level. Unless the pattern is crystal clear there is no benefit to using Elliott Wave (or any technical analysis method) , so it's time to zoom back out to daily chart level. The AUD/USD looks set for a test of the underside of the up trend line, and possibly a test of the high just above 1.10.