Thursday, 11 April 2013

S&P 500 a tale of two trend channels, or a wedge? #spx

AUD/USD approaching potential resistance but larger degree triangle breakout calls for eventual move to 1.22 #aud

Daily chart shows AUD/USD approaching potential resistance BUT ...

... weekly chart shows the AUD/USD breaking upwards from the symmetrical triangle that began in July 2011. A measured target of approximately 1.22 is calculated by adding the widest distance of the triangle (0.17)  to the breakout level (1.05). No apologies for sounding like a broken record on this one.

No sign of weakness at any timeframe yet. Hourly chart shows market channeling upwards beautifully.

EUR/USD trending up on weekly chart, was February and March weakness temporary? #eur

The 18 and 40 week simple moving averages indicate an up trend at the weekly chart timeframe. A market rally back above the 18, say above 1.32, would add confidence to the bullish view.

Gold stair stepping down parallel trend lines on daily chart #gold

Worth keeping in mind that Gold is nearing long term support, as illustrated in my weekend post

ASX 200 futures point to an open above 5000 #asx

ASX 200 futures point to a cash market open above 5000 this morning, as shown on the weekly chart below. A cash market close above 5000 in afternoon would signal that the retest of the illustrated resistance turned support zone is complete, clearing the way for a rally back toward the 2013 high.

DJIA Decennial Pattern chart

The following chart (courtesy of, tweaked by me) shows the paths that the Dow Jones Industrial Average would take this decade if it were to follow the trajectory taken in the average decade; or the average secular bull market decade; or the average secular bear market decade.