equidistant channel Archive
XAUUSD has all the signs of a bullish reversal on the weekly chart including golden cross and new 52-week high. Despite a killer retracement, price is now sitting on support of a rising equidistant channel.
Price action in 8 forex, stock indices charts might be shaping up Q3 to be market top for the whole of 2016. When viewed against the big picture all of them looks just like retracement. The levels are clear, the confirming price action is clear, just need the trigger to show when.
US market shows risk aversion to financial sectors since the last 5 days. In addition, Deutsche Bank stock is at all time low while the EUROSTOXX 50 index is printing a potential reversal.
AUDUSD and NZDUSD may have topped 2016. There is also a broader picture since AUDUSD has demonstrated a high positive correlation to China's stock market.
Week 34 2016 price action can be described only as moribund followed by Jackson Hole come alive. Last 12 hours trading was also shoot-one-way, U-turn-the-other with initial bearish USD followed by bullish USD. Torn, indecisive action or just herding traders into a big trap?
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.
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.