Wednesday, 10 August 2011

EUR/USD, GBP/USD, AUD/USD hourly chart trend lines

I have re-thought the trend lines for EUR/USD and GBP/USD, and provided an up to date chart for the AUD/USD.

EUR/USD...



GBP/USD... more aggressive down trend channel than earlier posts...


AUD/USD...




AUD/USD hourly chart trend line test

The down trend angle shown below on the hourly chart appears to be significant, for now...



ASX SPI 200 hourly chart tests the rally trend line

Including action since the ASX closed this arvo...


GBP/USD daily chart trend line break

Yesterday's post illustrated parallel trend lines on the daily chart for the period since mid 2010, and pointed out that the market was in an up trend.

The market has since broken downward through the nearby trend line. This daily chart zooms in on the action since late April to illustrate the break...


The hourly chart zooms in some more...

ASX 200 set to open higher

The daily chart shows that after hours trading is currently pointing to an open of 4189, up from yesterday's ASX close of 4035. Though a lot could change in the hour until today's open...

The chart also illustrates possible resistance around 4200 from the 2010 lows, and possible overhead trend line resistance around 4250.


AUD/USD hourly chart


S&P 500 rallies

Yes, there was a Fed meeting, which is often good for a bit of volatility.

Do Fed actions/inactions change the trend? No, news doesn't determine a market's trend. The market determines the market's trend. Don't waste your time picking over the Fed's statement. The potent directors fallacy is something that most people would like to believe in, and it keeps plenty of journalists employed, but if you want to know what the market is doing and what it is likely to do next, study the market.

Hourly chart shows the rally, those little squiggles in the bottom right, dwarfed by the preceding decline...


Daily chart provides more context...


Monthly chart provides even more context...