Thursday, 2 May 2013

Silver testing bottom of trend channel formed from April low, a break would favour another strong decline


EUR/USD forming Head and Shoulders tops on daily and hourly charts?

Daily chart begs the question, Head and Shoulders top forming since last September?


And on hourly chart over the past few days? Fair odds the ECB shenanigans in a couple of hours will provide a catalyst to confirm or deny the hourly chart H & S possibility.



AUD/USD and AUD/JPY both breaking lower through multi-month trend lines

AUD/USD. Still range bound but trend line break suggests that lower boundary zone will be tested once again.


AUD/JPY


AUD/USD moving averages indicate fledgling down trends on daily and weekly charts

I use trend lines as an entry trigger for many of my trades. But trend lines are a subjective measure of trend. To make sure I am not imagining things, I use moving averages as an objective measure of trend and a filter of which trend line breaks are worth trading. Don't fight the trend!

Bearishly crossed moving averages indicate the trend is down on the daily chart, so long as this week's high holds.


There is also a bearish cross on the weekly chart. Very fledgling, to coin a phrase. From little things, big things grow, sometimes. Hope while you're ahead, and all that.