Sunday, 25 September 2011

ASX 200 continues to trend down

Log scale weekly candlestick chart shown below, including after hours trading, which finished last week at 3905, almost unchanged from Friday's ASX 200 close of 3903.




AUD/USD smashed

Weekly candlestick chart shown below. The area around the 2008 highs may (may!) act as support in the near term. If it doesn't, then look out below.

Gold tests mid channel line

Log scale weekly candlestick chart shown below. Gold is testing the area around the mid channel trend line, which has acted as resistance many times in recent years and now may (may!) act as support. The market is also testing the 18 week moving average, an area which has acted as support since 2009.


Next let's look at the daily chart, arithmetic scale, showing the same parallel trend line angle that has proven so useful over the past decade. The next zone of potential support lies between 1570 and 1600.



Silver tests top channel line from above

Log scale monthly chart shown below. A deeper move back inside the trend channel would confirm a throw over and indicate that silver's bull run is finished.


EUR/USD continues down

Weekly candlestick chart shown below.

S&P 500 continues to trend down

Weekly candlestick chart shown below.