Trade Charting

Wed 21st May (5 pm)

A/U: I had stressed to watch for any reaction at the key support level of 0.9225. Price has bounced off that exact level today. This is the neck line of the ‘double top’ and is a level to keep in mind. A close and hold below this level would be rather bearish:

A/U 4 hr:

A/U daily: showing ‘double top’ and 0.9225 neck line.

XJO: the Aussie stock market index of the ASX top 200 has printed a bullish-reversal ‘Hammer’ candle to close for today. This candle was formed after a downtrend and at a key S/R level and, thus, is a true reversal candle. Tomorrow may well be quite interesting then!

Wed 21st May (4.50 pm)

U/J: price is falling here following BoJ Press Conference. The 100.7 support level, noted in my w/e analysis, is now just below price. Watch for any reaction here. A close and hold below this level would seem to support further bearish follow through:

Wed 21st May (9.10 am)

Watch the 0.9225 ‘neck line’ region on the A/U potential ‘double top’:

Wed 21st May (7.15 am)

US stocks slipped following some Fed comments and some disappointing retail stock results. Thus, the chopping within the ascending triangle continues. FOMC minutes tonight might trigger some further movement here:

Indices: the USDX has failed to move above the daily bear trend line and so there is no clarity here either:

EURX: no decisive move here either:

Silver and Gold: more chopping sideways within triangle here too:

Silver:

Gold:

Forex: AUD weakness continued to drive most of the moves overnight. There is high impact Chinese data due out tomorrow and that may be a catalyst for further movement with the A/U. There is JPY and GBP high impact data today so watch out for these.

E/U: still near the 1.37:

E/J: choppy:

A/U: this has continued to slide. I note that there is some support looming on the daily chart. A possible ‘neck line’ of the current ‘double top’ formation. Watch for any reaction here but a break and close below this 0.9225 level would suggest more weakness:

A/U 4hr:

A/U daily: showing a possible ‘double top’. Watch for any break below the 0.9225 ‘neck line’:

A/U daily Ichimoku: price is now in the daily Cloud and so might be more choppy. Any move below the Cloud would be quite bearish, as if the current situation isn’t enough!

A/U 4 hr Ichimoku: price is below the 4hr Cloud. These Tenkan/Kijun crosses here, whether ‘weak’ or ‘strong’ are generally pretty much on the money! Note to self!

A/U hourly Ichimoku: this chart shows the recent bear move very clearly and may be one to reference more from now on:

A/J: has closed below the trading channel. Be careful here though with BoJ news today. It would be safer to wait until after this news before jumping in here on any technical short:

A/J 4 hr: