Tuesday, 2 April 2013

ASX 200 trading above resistance turned support zone #asx

Weekly chart shows the resistance zone that turned to potential support when the ASX 200 rose above the upper line in February.


Zooming in to the daily chart illustrates that the market is trading above the resistance turned support zone, and has broken above a short term down trend line.


S&P 500 riding higher in trend channel, or is it a wedge? #spx


AUD/USD a break above 1.05 would offer a measured target of 1.22 #aud

The AUD/USD has been coiling in a symmetrical triangle since July 2011. If (if) it rallies above last week's high, for arguments sake 1.05, that would signal an upside break from the triangle, and offered a measured target of approximately 1.22, calculated by adding the widest distance of the triangle (0.17)  to the breakout level (1.05).

Weekly chart illustrates the triangle.


If the breakout occurs, there are of course hurdles between 1.05 and 1.22 that will test the up trend. The first at 1.06 is illustrated on the daily. To my eye, any move below yesterday's low at 1.0385 would call in to question the immediate up trend.


EUR/USD rallying from retest of trend line drawn from 2011 high #eur

Long term daily chart shows the EUR/USD rallying from retest of trend line drawn from 2011 high, and for now riding a parallel trend line higher. While that nearby trend line remains intact, the rally has legs.


Hourly chart shows a megaphone pattern, a reversal pattern. So long as the market remains above the most recent low, the market is trending up at this time frame.

USD/JPY set to test hourly chart trend line resistance? #jpy


GBP/USD testing hourly chart trend line support #gbp