Thursday, 30 April 2015

S&P 500 testing trend line support in European trade, following dual bearish false upside breaks

ASX 200 slices through two trend line supports, next support around 5740 is KEY

AUD/USD showing bearish false break from corrective trend channel

AUD/JPY shows bearish false break above channel, beginning substantial decline?

AUD/JPY daily chart shows a false break above trend line resistance. I've labelled the Elliott Waves, as this is one market that has been good for EW analysis in recent times. Looks like a completed upwards correction, which indicates that the market is now is resuming its main trend (down), beginning wave 3 lower.

Weekly chart shows the bigger picture wave count and a possible scenario going forward. The Elliott Waves may well unfold as illustrated, though the price levels and timings are anybodies guess.