Friday, 20 May 2011

Rebound lower from trend lines for S&P 500 and EUR/USD hourlies

Some days it pays to watch the markets like a hawk. So, less than two hours since my previous post on this pair, I thought updated charts would be of interest.

S&P 500.


Trend line touch for both S&P 500 and EUR/USD hourlies

Both markets have touched trend lines drawn from the early May highs, and have rebounded lower.

S&P 500.


Currency dailies - EUR/USD, GBP/USD, AUD/USD

EUR/USD daily chart shows a bearish cross of the 18 day and 40 day moving averages. While the market remains below the 40 I consider the trend to be down at this time frame.

There is a similar bearish cross on the GBP/USD daily.

The AUD/USD has not shown as much weakness as the other pairs, with no bearish cross, and no clear trend in place at this time.