U.S. oil prices have widened their trading range. » Read More
Australia's S&P/ASX 200 has crossed a key technical resistance level and is headed higher. » Read More
The Nikkei 225 appears to be responding to economic reforms launched by Prime Minister Shinzo Abe, technical analyst Daryl Guppy says. » Read More
A rebound for the Aussie is expected, but continued dollar gains could make it brief, technical analyst Daryl Guppy says. » Read More
The U.S. dollar Index has rallied quickly above $0.815 and has a clear run towards $0.89. There is minor resistance near $0.84. A strong U.S. dollar brings a new range of tensions into trading relationships. This puts pressure on the Australian dollar .
Greece drags at every market. We described the Dow several weeks ago as a gecko hanging on a roof, defying gravity. It has hit a slippery spot, and lost its footing. If this creates a major reversal in markets then we are headed for a repeat of 2008. If this is a minor top within an up trend retracement then there is no need to panic.
A basic knowledge of technical analysis and charting is essential for trading success, particularly in these market conditions as indexes show signs of weakness. It’s also essential for evaluating the information produced by others so you can distinguish between good analysis and analysis which is dangerous to your wallet.
Has the upward momentum pressure for oil prices disappeared? The NYMEX oil chart seems to have done very little in the past few weeks with the price stuck in a trading range near $104 to $105.
The Dow Index is slipping below 13,000. The U.S. dollar Index is hovering near 80 in a weak symmetrical triangle pattern. The euro/dollar continues in a downtrend with more weakness developing. All these factors should be bullish for gold.
The euro-dollar weekly chart is dominated by a strong and well-established downtrend that has been in place starting May last year, from the high at $1.49. This downtrend line was tested in September with a high near $1.45 followed by a retreat. The current rally to near $1.34 has broken from the trend line area. This behavior suggests continuing weakness in the euro. There is no evidence that the euro can strengthen and move above the established downtrend line.
The dollar-yen chart shows a high degree of success in the
The Australian market has been trapped in an investment-numbing sideways trend for the past six months. The resistance level at 4,300 on the S&P ASX 200 has proved almost impossible to crack despite frequent attempts. The breakout above 4,300 is exceptionally important for two reasons.
The defining feature of the Dow Jones Industrial Average is the extended support/resistance trend line, which is a projection of the head and shoulder pattern that developed in the middle of 2011. This is the support feature, which will help define the nature of the continued rise in the Dow.