Sunday, 3 July 2011

Trends Wrap

Apologies in advance for repeating myself a little with this post, following yesterday's Weekly Trends post and last week's Daily Trends post. The daily charts have been updated for this post. It's still early days for The Avid Chartist, so the content and style of my posts is evolving. I'm in the process of deciding the format for a regular weekly Markets/Trends Wrap post, so that it fits best with my trading plan and routine...



The current trends for the markets which I commonly trade are listed below. The EUR/USD is pips away from showing an up trend on the daily chart, which would align with its weekly chart up trend, so it is the market that I will be watching most intently at the beginning of the trading week.

S&P 500 no clear trend on both weekly and daily charts.
ASX SPI 200 no clear trend on both weekly and daily charts.

EUR/USD up trend on weekly chart, daily chart on cusp of up trend.
AUD/USD up trend on weekly chart, no clear trend on daily chart.
GBP/USD no clear trend on weekly chart, down trend on daily chart.

Gold up trend on weekly chart, down trend on daily chart.
Silver no clear trend on weekly chart, down trend on daily chart.

S&P 500 Daily Chart No Clear Trend

The moving averages indicate no clear trend at this time frame. I have drawn a possible Head and Shoulders top. Possible, but not probable, given the recent long green candles. Monday is a holiday in the US.  

ASX SPI 200 Daily Chart No Clear Trend


The moving averages indicate no clear trend at this time frame. The market has broken upwards from the trend channel that contained its action from mid-April, but is yet to break upwards through the trend line formed from the April's absolute peak and the secondary peak in late April. The recent green candles and the market's return to the trading range that contained action for most of the past year are both bullish signals. 

EUR/USD Daily Chart On Cusp Of New Up Trend

The 18 day moving average is crossing the 40 bullishly. A break upwards through the down trend line would confirm an up trend at this time frame. The weekly chart trend is already up.

AUD/USD Daily Chart No Clear Trend

The moving averages indicate no clear trend at this time frame. The weekly chart trend is up, and last week showed a long green candle, which raises the odds of an up trend developing on the daily chart.

GBP/USD Daily Chart Down Trend

Trend is clearly down. The market looks likely to test the neckline of the head and shoulders. Until support from recent lows is broken, the potential for a a rally must be respected.

Gold Daily Chart Down Trend

Trend is clearly down at this time frame.

Silver Daily Chart Down Trend

The moving averages and market position below the trend line clearly indicate that the trend is down. Support in the area of 33.70 is being tested. Until support is broken, the potential for a rally must be respected.