Daryl Guppy is an independent technical analyst who appears frequently on CNBC Asia. He runs training, analysis and resource workshops for retail and professional financial market traders involved in stocks, CFDs, warrants, derivatives, futures and commodities in China, Malaysia, Singapore and Australia. He has his own trading company, guppytraders.com. He is a special consultant to AxiCorp.
The 12,600 target for the Dow is achievable in January 2012.
There is a reasonable probability the U.S. dollar index will fall below 74.50 and retest the lower edge of the base of the symmetrical triangle pattern near 72.50. Traders will look for a consolidation pattern to develop between 72.50 and 74.50.
Any fall in the euro-dollar below $1.36 has a high probability of cascading into a fall to $1.29, which in turn, will have a high probability of quickly falling into the consolidation support area with a potential downside target near $1.24.
The trend is bullish despite a pause for the Shanghai Composite index, technical analyst Daryl Guppy says.
There's no question that the Aussie strength is a direct consequence of weakness in the U.S. dollar, Daryl Guppy writes.
The U.S. dollar index is testing a critical support level of a long-running trading band that is likely to hold for now.
The Shanghai index is developing some of the characteristics of a trend reversal, Daryl Guppy writes.