Tuesday, 28 June 2011

Silver Breaks Trend Line and Support

Silver has followed through on last week's break of the up trend line shown above, and has now broken support around 33.70. We must me watchful for a false breakout below that level, of which there were three in May, but while the market remains below the recently broken up trend line, I consider the trend to be down.

AUD/USD Trends Lower

A brief move below 1.04 last night (Oz time) did not extend, with the market finding support at the mid channel line. A move through that low would likely see an accelerated move toward 1.02, the lower trend line of the down trend channel. A move much over the top line of the previous trend channel / trading range, around 1.05, would likely see the market move even higher.