equidistant channel Archive
I posted a number of negative signals coming from forex, crude oil and then specific sectors in the US market i.e. Utilities and Energy, the last few days.. I see a confluence. Today I share a chart of the Straits Times Index for Singaporean readers.
Rising DXY could be signalling crude oil weakening especially since WTI and Brent are both at resistance. I discuss the signal in WTI to look out for.
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.