Thursday, 14 June 2012

ASX 200 heads lower toward re-test of trend line drawn from 2009 low

The daily candlestick chart shows that the ASX 200 moved lower today, toward a re-test of the trend line drawn from the 2009 low, being the lower of the two trend lines illustrated.

Zooming out to the weekly gives a clearer view of that trend line and shows that 2009 low.

And zooming out even further, to the monthly, just in case you're new around here and haven't seen it any of the previous times I've posted it... bearish looking, ain't it! Targeting the mid-channel line at 3000ish, and if that fails, the bottom line at 2000ish.

USD/JPY pushes for clean upside break through trend line

Daily candlestick chart shows the USD/JPY consolidating at the trend line. The more days pass without it turning lower from the trend line, the greater the chance it will decisively push upwards.

Zooming out to the monthly candlestick chart, we see that the USD/JPY wedged in to a bottom - a bullish pattern.

Stocks and the other currencies are all looking a bit Zzzzzzzzzzzzz at the moment, so that's all for this morning. Though Gold is perhaps starting to look interesting again.