This market brief is an overview of the week ahead and some of the events we see as being important to the markets.
Please be aware that our views may change throughout the course of the week, and we do not publish updates of such changes.
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We may take multiple trades throughout the week and discuss in our LIVE CHAT ROOM.
Trade View has entered the weekend Light Net Short.
AUSTRALASIA
ASX – 5288 ( – 61 or – 1.14% )
The ASX attempted to move higher but then gave back all and then some of Friday closing down over 1% for the week.
For the up move to restart we need to see another long up bar break and close above 5367. Once this occurs we would like to see further long uop bars break 5392 eventually finding short term resistance near 5448 – 63. If the upward momentum is strong then we could see an extension towards 5524.
For the down move to continue we would like to see an early break with a long down bar break and close below the 5270 – 64 area. This could then lead the ASX towards 5217. One this level is reached and broken with strong momentum the ASX could find itself finding some support near the area between 5177 – 51.
EUROPE
DAX – 9939 ( + 225 or + 2.32% )
When the DAX moves it tends to move fairly quickly. We have seen this over the past few weeks and now we will be watching it closely to see if it can continue with the same strength.
For the up move to continue this week we would like to see a strong early break back past 10,000 pushing through to the area between 10035 – 75. Once this area is broken then the next 2 levels will be based on overall momentum. We will be watching 10146 and 10258 closely.
If the DAX has trouble above 10,000 and a down move starts then we would like to see an early break past 9896 and 9829 before a push towards 9745 is made. This will then be the first Key level needed to be broken before we see 9673 and 9581.
US
S&P – 2067 ( + 4 or + 0.19% )
With a short week not much happened with S&P, therefore our comments from last week remain the same.
For the up move to continue we would like to see a strong break and close past 2088. Once this level is broken with strong momentum we will discuss further in our LIVE CHAT ROOM.
For the down move to start we would like to see a strong break and close below 2057 reaching 2023 and 2010.
FOREX
AUD.USD – 8502 ( – 168 or – 1.94% )
The AUD seems to be going through the motions at the moment, moving up and down during the week. We still feel the AUD has nothing to offer.
For the up move to restart we would like to see and early break back above 8563 before reaching 8660. Once this level is broken then our Key level of 8774 comes back into play.
Another move down by the AUD could start if we see an early break past 8461. This could then see the pair near 8378 very quickly. Once this level is broken we will be monitoring 8284 closely.
EUR.USD – 12451 ( + 62 or + 0.50% )
Not much going on here as well. The EUR is also going through the motions until some significant news comes out. Therefore our comments remain the same.
If the EUR is to have any chance for an upmove then we would like to see an early break and close back past 12491 which could lead it back to 12608.
If the EUR was to take another leg down after Friday’s move then 12369 is first on the list followed by a long down bar break past 12258. If the momentum continues strong then look our for 12048.
GBP.USD – 15652 ( – 3 or – 0.02% )
The GBP is unsure of where it sits closing only 3 points lower for the week. Therefore our comments remain the same.
For the GBP to move higher we would like to see a solid break and close back above 15723 followed by a strong move towards 15844. If the upward momentum is strong then 15988 could be reached where we might see some resistance forming.
If the GBP is to continue lower and breaks back down into the Standard Deviation Channel then we would like to see a long down bar break and close past 15522. If the downward momentum is strong then 15386 could be seen quickly.
USD.JPY – 11861 ( + 80 or + 0.68% )
They tried to hold it back but “The USD just keeps on going and going and going”
For the up move to continue we would like to see a solid break back and close above 11897 before further moves higher are possible. If this level is broken we will discuss further in our LIVE CHAT ROOM.
If the USDJPY has over extended its move and we see a move back down it could be very quick. This could occur if we see a strong break and close below 11813 followed by a strong down move past 11679 which could lead the pair to reach 11543. The full extension of the down move could reach 11433 before a possible reversal back up.
COMMODITIES
GOLD – 1165 ( – 36 or + 3.00% )
Another Friday special by GOLD, this week down
For the upward move to continue then we would like to see an early break back above 1167 before reaching 1180 and possibly 1200.
For GOLD to continue lower we would like to see 1167 hold as strong resistance before moving down towards 1149. If the downward momentum is strong then 1103 and possibly 1091 could be seen.
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