Tuesday, 24 May 2011

AUD/USD daily

This daily candle chart shows that last night (Oz time) the AUD/USD broke the lows from earlier in May. It looks likely to test the top channel line from its previous trading range. A decisive break lower through that line would signal an acceleration of the infant down trend. 

ASX 200 daily

This daily candle chart show the ASX 200 action for 2011. A move below 4600 in the next day or two would push the market out of the trend channel, and signal an acceleration of the move lower. Alternatively, the lower trend line may provide support, and spark a rally. The market will reveal its direction soon enough.

S&P 500 tests the line

This daily candle chart shows the S&P 500 testing the trend line that has supported market action for most of the past year. New York trading last night failed to decisively break the line, but it was tested.

This hourly candle chart zooms in on the action since the early May peak. The lower trend line may offer support. A decisive move through that lower trend line would coincide with a trend line break on the daily chart, and mark an acceleration of the newly forming down trend at that time frame.