AUDJPY used to be a very good indicator of 'intermarket correlation'. It clearly tracked Asian stock market indices such as Hang Seng Index, Singapore Index Futures (SiMSCI) and MSCI Emerging Markets Index (EEM). The positive correlation could be due to 2 dynamics:
AUD tends to do well when Asian economies like China are doing well (think
DXY appears to be weakening and in danger of breaking out of channel. USDCAD is falling out of 4-month consolidation so WTI is concurrently strengthening.
We look at 2 charts of Singapore listed Kris Energy (ticker: SK3.SG) to see how it's stock is doing technically. Weekly emas, Heikin Ashi Bollinger Bands show a gloomy setup with no sign of bottoming.
Each Elliott wave pattern has its own common Fibonacci relationships between waves. You can use them to set your price targets and determine where the trend should reverse. Free video lesson from Elliott Wave International training service for aspiring traders, Jeffrey Kennedy's Trader's Classroom.
4 charts WTI, Brent and USDCAD prints high probability patterns that point to further oil price correction. Any rally could be retracement setup for higher shorts. Plan accordingly.
There is a gap between XAGUSD's most recent observed support and former 52-week high. A throwback could push price back to former level thereby closing gap. For longs at existing price, that is an over 6% loss, gut wrenching if one is on a leveraged trading account.
I am sharing this stock trading system on weekly chart using Bollinger Bands, Heikin Ashi and a moving average line. Please comment or provide feedback.
DXY, EURUSD and SiMSCI prints highly recurring false-break followed by re-test sequence that catches both bulls and bears on the wrong trade. When the market is playing mind games like these, watch for coming reversal.
Between an early bull and a late one going AUDUSD long, the proposition is very different. AUDUSD is strong but approaching resistance levels. There are 3 charts here you need to look.
Keppel, Sembcorp and Sembmarine stock charts are shouting bearish trend continuation. There is absolutely no technical reason to buy at all. I share reasons why.