Saturday, 6 April 2013

ASX 200 closes the week just below illustrated long term support

Being very picky with my language. The ASX 200 closed after hours trading for the week just below the illustrated long term support. Given that support and resistance levels are not precise, more zones than levels, and given also that the US market closed the week above up trend line support, we can't rule out the ASX 200 trading next week back up between the illustrated levels. Though no point being bullish on it unless we see a close above 5000, in my opinion.

First the Weekly chart


Daily chart. The completed throw-over of the trend channel supports the immediately bearish case ie. that resistance will hold and the market will head lower.



S&P 500 and NASDAQ 100 show strength in to the close to end the week

S&P 500 daily chart


NASDAQ 100 daily chart


S&P 500 monthly chart in case you just arrived on the planet and didn't already know the big picture.... testing record highs.


AUD/USD daily chart trading range and weekly chart triangle

Same old, same old.... have been showing these patterns for quite some time, and they still fit. Anybody who claims they know which way the AUD/USD will break or what it will do whilst inside these ranges is kidding themselves.... even/especially yours truly.

Daily


Weekly


EUR/USD short and long term daily charts showing new strength

Relatively short term daily chart showing new strength, after a fake out move to new lows on Thursday (night Oz time).


Zooming out to show the current rally is beginning from a retest of the trend line drawn from the 2011 highs. Beautiful.


USD/JPY daily and monthly charts. Wow.

Daily chart. Wow, what a week. No trend lines.


Monthly. Long term target is 125 at the level where the wedge began. Well I expected it to be long term.... looks like the Japanese central bank is in a hurry.


GBP/USD daily and weekly charts both show new strength

Daily shows rally through down trend line.


Weekly shows weekly close above resistance.


Gold daily and weekly charts

Daily


Weekly


Silver daily and weekly charts

Daily


Weekly