Monday, 7 May 2012

ASX 200 nearing key trend line

The ASX 200 is close to testing a key trend line support zone just below 4300. Also the 4300 area was a strong resistance zone in January, February, and March. Perhaps it will now act support? If not, the larger degree down trend should re-assert itself in a spectacular way.

Here's that larger degree down trend:

EUR/USD Head and Shoulders measured target is 1.26

If (IF) the current down trend continues, then the 1.26 zone is shaping up as key support, as in addition to being the measured target from the Head and Shoulders, it is also the 2012 low.

Has USD/JPY double bottomed?

Not one that I often post about, but as the second biggest component of the US dollar index, worth keeping an eye on. A double bottom would fit with the USD strength that we see developing in other pairs, and would be confirmed by a move above the May 2 high of 80.62.

Gold holds up while most other members of the Undollar complex decline below their April lows

Just sayin'. Doesn't mean that it's gonna rally. But well worth keeping an eye on.