Thursday, 31 July 2014

ASX 200 testing both short and long term trend channel resistance

Daily chart.


Weekly chart.


Both charts include all sessions trade.

US stock futures lower, Dow and S&P have both broken trend line support in recent days

S&P 500 daily chart shows the market breaking lower from the recent up trend channel.


Dow daily chart shows it broke lower from a bearish wedge several days ago.


Dow monthly zooms a long way out to illustrate that the market is in a position where it could complete a huge bearish megaphone pattern, which would suggest a decline to below the 2009 low is beginning. A false break above the upper line would signal the megaphone pattern is complete and the big decline is beginning.


Dow weekly zooms back in to the upper trend line from the monthly chart. Key action coming up methinks. Below the June low at 16673 would confirm the false break and megaphone pattern completion.


All charts include all sessions trade.

Gold bearish moving average cross indicates daily chart trend is re-aligning with long term down trend

Daily chart shows a bearish moving average cross for Gold.


Weekly chart shows that Gold is being pressured lower by an overhead zone of trend line resistance.


AUD/USD testing short term support with long term down trend channel applying downwards pressure

Daily chart shows AUD/USD testing short term trend channel support.


Weekly chart shows the market in a long term down trend channel, apparently turning lower at parallel trend line resistance.


EUR/USD trending lower in channel and has broken lower through long term up trend line

Daily chart shows EUR/USD trending lower.


Weekly shows the market breaking trend line support after a turn lower from resistance at long term down trend line.


GBP/USD trending lower in channel and has broken lower through long term up trend line

Daily chart shows GBP/USD trending lower.


Weekly shows a break lower through long term up trend line, plus a false upside break at the 2009 high.