Well the AUDUSD has seen a good recovery in the run up to, and post government elections. But is simply changing governments enough to sustain the recent gains? Change is often for the better, but there are plenty who are still sceptical of its recent run and believe that a lower exchange rate is still needed in order to rebalance the local economy, not just a change in government.
Thursday, 12 September 2013
Tuesday, 10 September 2013
Brent - Starting to fail
We had strong upside rejection yesterday breaking the first trend line. This down move was pretty violent and resulted in the MACD crossing down off the back of it.
Looks like we could be forming a Double Top chart pattern, if so a break of the neckline of 112.24, would give downside target of 108.00. But till then we will have to sit on the fence as we may see a temporary recovery after yesterdays move. The Maribuzo line is worth noting as a key resistance to watch out for at 114.45. So long as this holds we should expect lower numbers yet to come. Other key levels to be aware of are indicated on the chart.
Charts sourced from ig.com
Looks like we could be forming a Double Top chart pattern, if so a break of the neckline of 112.24, would give downside target of 108.00. But till then we will have to sit on the fence as we may see a temporary recovery after yesterdays move. The Maribuzo line is worth noting as a key resistance to watch out for at 114.45. So long as this holds we should expect lower numbers yet to come. Other key levels to be aware of are indicated on the chart.
Charts sourced from ig.com
DowJones - Nice recovery but where next?
Equities saw a good recovery yesterday after the prospect emerged that the western intervention in Syria could be resolved without dropping any bombs. We are seeing further follow through again today.
We are trading back above the 15000 mark on the Dow Jones Ind. Av. and more importantly above the high made on the 26th August at 15054 which should give the bulls some encouragement. On the upside, we could see some resistance however around the 100 & 50day MAs given the strength they displayed as a supports at 15161 and 15256 respectively.
We are trading back above the 15000 mark on the Dow Jones Ind. Av. and more importantly above the high made on the 26th August at 15054 which should give the bulls some encouragement. On the upside, we could see some resistance however around the 100 & 50day MAs given the strength they displayed as a supports at 15161 and 15256 respectively.
Tuesday, 3 September 2013
Brent - Preparation is Key
I dont think it comes to many people's surprise that Brent looks bullish, as well yes it does, but I think it might be worth talking objectively about this commodity and pointing out target levels. Given its recent up move has been on a risk premium being priced in to the contract (Syria - Middle East contagion, Egypt - Suez canal closure), it can also be wiped out just quick as it was priced in.
USDJPY pushing higher
On the USDJPY we broke out of the down trend channel a couple of weeks ago and tried to break out, but what might have caught people out was by retesting the previous down trend line. This held however last week and we saw a strong rejection of this level. Since then, we have rallied back pretty convincingly to back above the 99.00 level.
MACD crossed over the 0 line confirming the up move.
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