This is an end of Wk14, beginning of Wk 15 appraisal of the market. I am looking at the AUDUSD, EURUSD, XAUUSD, China A50 and a couple of other trades written about in the past 2 weeks.
China A50 approaches apex of year-long triangle with strong resistance zone on top. With several recent signals aligning, it could do some correction. Pay attention to banks as index is 69% financial.
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.
Your mission is to determine whether they are going to follow-through with a breakout or staging for the mother of all corrections. For your entertainment. (Also bonus stock chart) Log-in required.
Everything is highly correlated these days so when 4 major stock market indices are hinting at the same kind of outcome you have to pay attention. I read that as confluence not coincidence.