Thursday, April 12, 2012

End of Week rally ahead...?

technically, we could be in for a minor corrective rally ahead of us.
if this rally in FX were to materialize, it would be in line with both
S&P500's and Shanghai Composite Index's minor correction before continuation of bearish wave.

Levels for the next two days...

Aud/Usd: Daily Close above 1.0410 could target 1.06 resistance
(as I am writing this, price action is testing recent Daily channel resistance near 1.0380)
- view my Charts archives

Eur/Usd: Daily Close above 1.32 could take us to 1.33/1.34. Perhaps even 1.36
(failure to do so could put the pair back in range/consolidation)
- view my Charts archives

S&P500: yesterday's inability to close back above 1380 indicates weakness.
Shanghai Composite: watching 2,320 for resistance



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