Tuesday, 20 September 2011

ASX 200 set to open slightly higher

Daily candlestick chart shown below, including after hours trading, currently at 4087ish, slightly up from Monday's ASX 200 close of 4082.

AUD/USD daily chart

Daily candlestick chart shown below.

S&P 500 daily chart

There was no follow through in the US to Monday's Asian and European weakness, so either last week's rally hasn't finished, or it will now morph in to sideways trade.

Daily candlestick chart shown below, illustrating an upwards corrective channel, and overhead resistance. Both suggest that a rally towards 1270 is possible, which (not coincidentally) is near the 40 week moving average, a rally target that the weekly chart analogy with 2008 suggests is possible.

EUR/USD daily chart

Daily candlestick chart shown below. There was no follow through in the US to Monday's Asian and European weakness. The trend channel suggests that a rally could begin from current levels, or that a break lower through the nearby trend line could lead to an acceleration of the down trend. Take your pick.


Gold daily chart

Daily candlestick chart shown below. Given Gold's liking for rallying following tests of the 40 day moving average, I am watchful for either a false trend line break, or possibly a thrust down to the 1700 area before a rally attempt.

Silver daily chart

Daily candlestick chart shown below.