Friday, 8 July 2011

AUD/USD Hourly Chart Possible Double Top, Weak EUR/USD and GBP/USD Add Confidence To Bearish Stance

Possible double top on the AUD/USD hourly chart. Confirmation would require a move below 1.065, but today's continued weakness in the EUR/USD and GBP/USD adds confidence to the bearish view. Current EUR/USD and GBP/USD daily charts follow, within this post.
EUR/USD daily chart. We now have a bearish cross of the 4, 18, and 40 day moving averages, all crossing at the same point. Some of the fastest strongest market moves I have seen, both bullish and bearish, on many time frames, on a variety of markets, have occurred following a simultaneous cross of the 4, 18, and 40 period moving averages. 
GBP/USD daily chart. Continued weakness today.

AUD/USD Daily Chart Up Trend Indicated But Can It Beat Resistance?

The bullish cross of the 18 and 40 day moving averages indicates an up trend, but to confirm, the market needs to decisively beat resistance around 1.08.

S&P 500 Daily Chart Up Trend Confirmed

Bullish cross of the 18 and 40 day moving averages confirms an up trend. The move up through 1350 has invalidated the  Head and Shoulders top that I had labelled in earlier posts.