Saturday, 2 February 2013

ASX 200 hourly chart parallel trend lines

Hourly chart is perhaps not of interest to many, but it's a sandpit I like to play in during strong trends. The ASX 200 trend is over extended and testing long term resistance between 4900 and 5000, but it ain't over til it's over. This chart includes overnight trade, and last night's rise above the top trend line could be setting the scene for a throw-over / false break. Or it could be a sign that the rally is accelerating further.

EUR/USD turns lower on hourly chart from test of parallel trend line resistance

The above chart is more interesting when viewed in the light of the big picture chart posted last night and again below. A turn lower here could have legs.