Wednesday, 7 September 2011

Aussie ASX SPI 200 and AUD/USD hourlies both testing trend lines

Why are both testing trend lines right now? Coincidence? No idea. Does it mean anything? No idea. Will it be significant? No idea.

ASX 200...


AUD/USD trend line broken, then a kiss goodbye

Daily candlestick chart shown. Trend line drawn from the mid 2010 low.

Aussie ASX SPI 200 to open higher

Hourly candlestick chart shown. The ASX 200 closed Tuesday trade at 4076. After hours trade is indicating an open of 4131.

S&P 500 tests trend line from beneath

Hourly candlestick chart shown. It will be interesting to see if the market can fill the gap formed (circled) between last week's trading and this week's.

AUD/USD daily chart

EUR/USD daily chart

Gold and Silver hourlies break downwards through trend lines

Hourly candlestick charts shown.

Gold first. Perhaps more significant than the trend line break is the failure to sustain new highs, hinting at short-term weakness. Don't get me wrong, I am not calling a big top, when that arrives I think it will do so with a hugely violent move down, not evident here. Whether there will be more weakness now than has been seen in the past 24 hours, we'll have to wait and see.