Tuesday, 26 November 2013

ASX 200 weekly chart - turning lower at mid trend channel resistance?

Weekly chart shows the ASX 200 perhaps turning lower at mid trend channel resistance.

Daily chart for good measure. Back below the trend line would support a bearish interpretation of the weekly chart action.

Lastly the hourly chart shows a bearish triple moving average cross. Triple moving average crosses often precede strong trending moves. Hey it's only an hourly chart, but from little things, big things grow, sometimes.

NASDAQ 100 weekly chart - testing top of trend channel drawn from 2009 low

The trend is up, so being bearish is not wise, but the position of this market just below the top trend channel line suggests that upside potential is limited for the NASDAQ and the broader US stock market.

AUD/USD weekly chart bearish triangle break targets move to low 80s

May's break lower from the multi year triangle provides a measured target of low 80s. There's some way to go yet. Worth noting that the area around 94 has acted as support and resistance in the past.

USD/JPY testing long term resistance around 102, showing false break above July peak?

Starting with the daily chart, showing the USD/JPY last night tested resistance around 102. A move below 101 would raise the odds that last night's high was a false break above the July peak.

Zooming waaaay out to a long term monthly chart shows that 102 is not just any old resistance, but significant long term resistance. It's not a coincidence that the Nikkei is also testing long term resistance.

Will Nikkei rally to 15800 to meet 22 year old down trend line?

I know what I'll be doing if it gets to 15800.

AUD/JPY daily chart - breaking down from bearish Head and Shoulders?

GBP/USD weekly chart - testing long term trend line resistance