Saturday, 30 March 2013

ASX 200 after hours trade closes week strongly to rally from support and down trend line #asx

Charts in this post include after hours trade, during which the market finished the week strongly. Daily chart shows it rallying from support and a short term down trend line. If the cash index can beat this past week's high, I'd be looking for the ASX 200 to head to fresh highs for the year in coming weeks.

Weekly chart shows that long term resistance turned support zone.

S&P 500 testing record highs #spx

Monthly chart shows the all sessions contract testing records highs. Of course the cash index hit record high this week. Would a break out have legs, or would it prove false? Watch the daily chart for clues, is my approach.

Daily chart shows the market rallying within a clear up trend channel. No signs of weakness on a pure price chart.

AUD/USD testing triangle trend line resistance #aud

Weekly chart illustrates the AUD/USD testing triangle trend line resistance.

Daily chart shows that if the triangle is beaten, the next level of resistance would be 1.06. Though completion of the triangle would present a measured much higher than that, around 1.20.

EUR/USD rallies from retest of trend line drawn from 2011 highs #eur

Long term daily chart shows the EUR/USD rallying from a test of the trend line drawn from the 2011 highs. I showed the illustrated down trend channel many times in posts last year. Quite remarkable that it has come in to play again..

Hourly chart also presents a near term bullish picture, with a completed megaphone, a reversal pattern.

USD/JPY threatening to break lower though second trend line support within a week #jpy

Daily chart shows the trend line test.

Monthly chart reminds us that the long term measured target for the USD/JPY is 125 or greater, being the level where the descending wedge / ending diagonal began. What's your time frame?

GBP/USD breaking upwards from down trend channel drawn from 2013 high? #gbp

Daily chart shows the attempted upwards break.

Weekly chart shows possible resistance nearby overhead.

#Gold showing near term weakness but at larger degree still range bound

Daily chart shows near term weakness.

Weekly chart shows Gold range bound.

Silver's descending triangle conundrum #silver

Weekly chart poses the question, is Silver trading within a descending triangle, or did it break upwards from one several months ago?

Daily chart shows near term weakness, though still well above key support from the middle of last year.