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Please be aware that our views may change throughout the course of the week, and we do not publish updates of such changes.
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SATURDAY 5TH DECEMBER 2015
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SOME OF OUR LEVELS REACHED IN LAST WEEK’S MARKET BRIEF
#DAX reached a high of 11367 which was on 6 points below our level of 11373.
#EURUSD closed at 10592 which was only 2 points higher than our level of 10590
AUSTRALASIA
ASX – 5202 ( – 52 or – 0.99% )
After a nice move the previous week, the ASX took a breather last week to close slightly lower. Therefore our comments remain the same:
For the upmove to continue strong we would like to see an early break back above 5270 reaching the area between 5312 – 30. Once this is reached we could see a move towards 5365. The next real test for the ASX will come at 5418 where we will need to see a strong long up bar break and close before reaching the area between 5440 – 62.
If the ASX has made its run and we see a downside move then the area between 5312 – 30 needs to hold as a strong level of resistance before another break back down past 5217 reaching 5150. If 5150 is broken then 5095 could be seen.
EUROPE
DAX – 11293 ( + 190 or – 1.71% )
After a slow start the DAX regained its composure pushing through the previous highs of 11163 to close just below 11300.
For the upmove to continue we would like to see an early break and close past 11373 before seeing a big push towards 11537 and then 11621. As the DAX tends to overextend its moves then we will also be watching for a move towards 11840.
For the down move to restart then the DAX will need to break past 11163 before reaching 11080 and 10941 early in the week reaching the key level of 10866. This level will then need to be broken with a long down bar before pushing towards 10793 and 10684.
US
S&P – 2092 ( + 1 or + 0.05% )
Basically the S&P took a breather. Therefore our comments remain the same:
For the upward move to continue and start another leg higher we would like to see 2101 broken early in the week reaching 2112. 2112 will then need to be broken with a strong long up bar before reaching the area between 2120 – 26. Once this occurs look for a test of the ATH’s @ 2135.
If the S&P cannot get past 2112 again then a push lower past 2076 could see a repeat of the previous week testing the key area between 2050 – 46 again. This area will then need to be broken with a long down bar before reaching 2033, 2044 and finally 2010.
FOREX
AUD.USD – 7191 ( – 45 or – 0.62% )
The AUD rallies are short lived lately and last week was no exception closing slightly lower. Therefore our comments remain the same:
If the AUD is to take another leg higher we would like to see another strong break and close past 7297 before reaching 7330. Once this is broken then we could see an attempt at breaking 7407.
If the AUD cannot break past 7297 then a move back down past 7171 could see 7116 quickly. A strong break past 7116 will see the AUD near 7052 and possibly 6997.
EUR.USD – 10592 ( – 54 or – 0.51% )
It was like a slow grind down for the EUR last week, “it’s losing appeal and the main reason is that the ECB is continuing QE and the FED is talking rate rise.”
For the EUR to restart higher we would like to see a move back up above 10780 reaching the area between 10899 – 10925.
For the EUR to take another leg down we would like to see a strong break past 10590 before reaching 10452. Once this occurs then 10283 will not be too far away.
GBP.USD – 15031 ( – 158 or – 1.04% )
The GBP’S rallies are short live just like the AUD’s.
For the GBP to restart its move higher we would like to see an early break back above 10616 before pushing towards 15187. Once this occurs 15248 comes into play, this will then need to be broken with a long up bar before reaching 15289.
For the down move to take another leg down then we would like to see 15061 become a strong level of resistance before a push down towards 14950 occurs. If the momentum is strong past this level 14812 could be next on the cards.
USD.JPY – 12279 ( + 2 or + 0.02% )
A sideways move for the USD, therefore our comments remain the same:
For the USD to continue the strong push higher we would like to see a strong long up bar break and close past our key level of 12332. Once this occurs then we could see 12403 and possibly 12464 reached. If the momentum stays strong then 12558 could be in its sights.
For this pair to restart back down we would like to see 12275 act as a strong level of resistance before a move down past 12225 occurs reaching 12184 before settling near 12151.
COMMODITIES
GOLD – 1057 ( – 20 or – 1.86% )
“GOLD has settled near the ows of July/August 2015. Lets see for how long” Not for Long.
For GOLD to have any chance of moving back up we need to see it bounce straight back up early past 1069. Once this occurs then 1091 will be the next target before a push back up towards 1103. Any breaks above 1103 will be discussed in our LIVE CHAT ROOM.
If Friday’s move was the first part of the new leg down then 1069 needs to become a strong level of resistance before we see 1043 and 1025 with the possibility of extending its reach towards 1005.
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