Friday’s positive session on commodities and a weaker $US have left a lot of major markets interestingly placed

 

Index Chart Signals

 

Australia 200. Higher highs and higher lows sees the short term uptrend continue. However the 14 day RSI is a chance of rolling over at trend channel resistance and there are a couple of potential turning points looming. The first is an AB= CD level around 5,176 and above that is the 200 day moving average and 78.6% Fibonacci retracement around 5215. If Australia 200 starts starts making lower highs from around these levels, a correction looks possible

Australia 200 CFD Daily Click to enlarge Australia 200 CFD Daily
Click to enlarge

Germany 30. Is holding above its  50 day moving average. However, it has lost momentum in the past couple of days and is yet to move convincingly clear of the 50 day average. If it can get clear, the next test may be the 50% retracement of the whole decline from 11440. This is around 10,067

US SPX 500 continues to trend higher but has now reached a zone of potential resistance around November/December lows just above 2000. If it can get clear of these, the next potential level is 78.6% Fibonacci retracement around 2030/2042. Last week’s high at 1971 provides minor support.

 

Forex

 

Aussie Dollar. The Aussie took out the much watched resistance of its October and December peaks on Friday night. Although the Aussie made a strong move through this level on Friday, short term momentum has stalled this morning. Short term support on the hourly chart below is around .7372 and a break below that could trigger a deeper correction.  In the big picture, the March 2015 low around .756 is now resistance while the 200 day moving average around .725 is support

AUDUSD CFD 60 minute AUDUSD CFD 60 minute

EURUSD is a key market this week with the ECB meeting on 10 March. Friday peaked neatly at the 38.2% Fibonacci retracement and 200 day moving average. This is now short term resistance.  Short term support on the hourly chart is around the 38.2% retracement at 1.096

 

Commodities

 

Crude Oil Brent Cash. There’s a lot going on at the present price – 100 day moving average; potential channel resistance ; 50% retracement and an AB=CD level. However it was a strong, green, candle on Friday so it might be prudent to wait for signs that this level is being rejected before assuming the resistance will hold. If it doesn’t, the next level may be the 61.8% retracement around $41.75

Crude Oil Brent CFD Daily Crude Oil Brent CFD Daily