This market brief is an overview of the week ahead and some of the events we see as being important to the markets.
Please be aware that our views may change throughout the course of the week, and we do not publish updates of such changes.
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We may take multiple trades throughout the week and discuss in our LIVE CHAT ROOM.
Trade View has entered the weekend Net Long.
AUSTRALASIA
ASX – 5695 ( + 172 or + 3.11% )
The ASX saw another V shape reversal pushing back past 5700 and then closing only a few points below. This is setting up for a interesting week.
For the upmove to continue we would like to see the ASX break through 5715 before reaching 5754. Strong momentum past this point could see the ASX complete its range by reaching 5789.
If the move past this level is strong then we will discuss further downside levels in our LIVE CHAT ROOM.
If the ASX repeats last weeks move then 5700 needs to remain as a solid level of resistance before another move lower restarts. We would then like to see a key FICM level of 5636 broken early in the week pushing the ASX back down to 5595. Once this level is broken then 5505 could be seen quickly.
EUROPE
DAX – 11326 ( + 22 or + 0.19% )
After an early drop by the DAX we see it move back up during the week to close only a few points above last weeks close.
As the DAX has closed only a few points higher our comments remain the same:
For the upmove to continue we would like to see 11373 broken early in the week pushing the DAX to 11537. Once this occurs 11631 needs to be broken early followed by a strong push towards 11791 with a possible extension to 11868.
If the downside restarts then the levels we will be watching closely (depending on momentum) will be 11292 – 57, 11163, 11080, 10941, 10867. If 10867 is broken this week we will discuss further downside levels on our website.
US
S&P – 2107 ( + 22 or + 1.06% )
Once again the S&P moved higher after an initial move down. This is showing some bullish behaviour. The big question is will we see new all time highs soon.
For the upward move to continue we would really like to see a strong break and close past 2112. Once this occurs then we could see the S&P move towards 212, 2126 and 2137 very quickly. If the momentum remains strong then 2148 is not out of reach.
If the S&P cannot get back above 2112 early this week then a break back down past 2101 could see 2085 and 2076 quickly. The downside move with be tested near the area between 2050 – 46. If this area is broken with strong momentum then we will discuss further downside levels in our LIVE CHAT ROOM.
FOREX
AUD.USD – 7300 ( + 16 or + 0.22% )
Not much action last week for the AUD.
As the AUD has closed only a few points higher our comments remain the same:
For the upmove to restart we would like to see a strong break and close back above 7407 before reaching 7494. If the momentum is strong then we could see 7635.
For the downside move to continue then an early long down bar could see 7263 followed by 7116 which is now in line with levels back in early 2009.
EUR.USD – 10984 ( + 7 or + 0.06% )
After an Initial move higher we saw the EUR move down before a Volatile day on Friday but still finished only a few points higher from last weeks close.
As the EUR has closed only a few points higher our comments remain the same:
If the EUR is to continue its move higher then we would like to see our FICM level of 10925 hold as a strong level of support before a break past 11038 is made. If the upward momentum is strong then we could see 11166.
If the down move is to restart then a strong long down bar break and close past 10925 could see the EUR reach 10780. This could then start a FREE FALL reaching 10590.
GBP.USD – 15620 ( + 116 or + 0.75% )
The GBP moved higher early last week and then took a bit of a breather and continued sideways for the rest of it.
For the GBP to restart its run higher we would like to see early break and close past 15644 followed by a strong push towards our FICM level of 15744. If this level is broken with strong momentum then we will discuss further downside levels in our LIVE CHAT ROOM.
For the down move to restart we would like to see an early break down past both 15591 and 15549. This could then lead the pair back down to our FICM level of 15458. If this level is broken with strong momentum then we will discuss further downside levels in our LIVE CHAT ROOM.
USD.JPY – 12388 ( + 7 or + 0.06% )
The USD is trying to regain its upward momentum but is struggling at the moment.
As the USD has not moved much our comments remain the same:
For the USD to continue its longer term rally we need to see a strong up bar break through 12464 before reaching 12558 again and testing the highs of June 2015.
For this pair to move back down we need to see a strong move back past the area 12346-24 before reaching 12275. if this too is broken then we could see 12225.
COMMODITIES
GOLD – 1095 ( – 4 or – 0.36% )
Gold is moving sideways at the moment. Be Prepared for the next strong move.
As GOLD has closed only a few points lower our comments remain the same:
For the upward move to even stand a slight chance of occurring we would like to see 1134 reached early in the week. If this occurs then we will discuss further up moves on our website
Now that we saw the FREE FALL of GOLD early in the week, continued downside moves could occur if 1069 is broken. This could send GOLD down towards 1043 and possibly 1025.
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