Wednesday, 3 April 2013

ASX 200 falls back to support zone, rallies from retest of trend line #asx

Daily chart shows the ASX 200 today fell back inside the illustrated support zone, and then rallied from the retest of the recent down trend line.

Weekly chart zooms out to show how the support zone was derived. Past resistance turned support.

EUR/USD climbing along parallel trend line #eur

The EUR/USD is climbing along a trend line parallel to that which supported the rally from late July to the beginning of February.

Zooming out shows it is also rallying from the trend line drawn from the 2011 high.

Add to the above the bullish megaphone pattern visible on the hourly chart, and the rally could have legs.

Gold approaching dual trend line support amongst much premature jubilation from the bears #gold

Gold is approaching dual trend line support on the daily chart. Below trend line support lies potential support at May 2012's low.

Zooming out to the weekly chart shows Gold is range bound, with potential support around 1530.

Zooming out still further to the monthly chart shows that Gold would have to fall below 1250 or so for the up trend to be jeopardised.

EUR/USD approaches test of key hourly chart support trend line #eur

Aside from the pending trend line test, the megaphone reversal pattern is still in play, indicating higher levels ahead. Many many chart patterns fail, but the ones that work make up for it, if you manage your risk.