Sunday, 23 October 2011

ASX 200 set to open higher

After hours trading ended last week at 4206, compared to Friday's ASX close of 4142.

AUD/USD long term daily chart

The AUD/USD on Friday broke above the down trend channel, but has yet to break above the trend line drawn from the March 2009 lows. The 1.05 area appears key. Above that would increase the potential for a re-test of the 2011 highs. Below 1.05 this market remains vulnerable to a turn lower


S&P 500 tests trend line

The S&P 500 is testing a trend line drawn parallel to Head and Shoulders neckline. Only a sustained move above the neckline would challenge the bearish big picture for this market.

EUR/USD tests trend line

Gold tests parallel trend line

Silver daily chart