Monday, 1 September 2014

ASX 200 rolling over lower from top of bearish wedge? And testing long term trend line resistance

Not much has changed for the ASX 200 in the past week. Daily chart suggests the ASX 200 is rolling over lower from the top of a bearish wedge. Chart includes after hours trade. Longer term charts show the market is still testing long term trend line resistance,  if you're interested then see last week's ASX 200 post.

AUD/USD range bound on daily chart, biased lower by weekly down trend channel

Daily chart shows AUD/USD range bound.

Weekly chart suggests the market's bias is toward lower levels.

EUR/USD still trending down / pressured lower by down trend channel

GBP/USD testing down trend line drawn from the July peak

4 hour chart shows GBP/USD testing the trend line drawn from the July peak. The trend ain't over til it's over. And at this time frame, the trend ain't over, unless the market rallies through the high of the day. Til that happens, expect another move lower.