Technicals | Jul 24 2012
FNArena has added another video to its Investors Education section on the website. This week ATW's Jerry Simmons takes a look at a broad range of technical indicators, with the AUDUSD, Comex Gold and US 10-Year featuring prominently.
As far as the AUD/USD goes, Jerry sees the potential for a bearish wedge, which may already be in place. Any sort of drop below 1.0250-1.035 on the daily chart would confirm a reversal off the bearish wedge.
However, as long as the chart remains in current territory, or above, it should be “all systems go to the upside”. That said, he also thinks current levels leave the read very vulnerable to a pull back, but breakout above 1.05 should keep pushing things to the upside.
As far as the EUR/USD goes, Jerry thinks the bulls will need help from a break out above1.2220-1.2230 in order for an upside basis to maintain traction.
Looking at the weekly gold charts, he notes there has been quite a bit of market volatility over the past years. Thus, the forming pattern of a contraction symmetrical triangle seems very unusual to him. Jerry thinks a breakout above 1630 or below 1545 will point the direction this week.
In short, Jerry’s looking for a big breakout continuation move next week focusing on the EUR/USD and Comex Gold.
For 10-year US treasury notes, Jerry is looking for a breakout continuation move this week. Natural Gas finished last week near its high and should have the moxy to sustain a continued move to the up side.
To view the ATW Strategic Prep Video click HERE or visit the FNArena Investors Education section of the website.
All views expressed are Jerry Simmons's, not FNArena's (see our disclaimer).
Jerry Simmons has over 25 years of full-time trading experience. He is the senior partner and head mentor for the “Masters” Programme within the education system at New York based Advanced Trading Workshop (ATW).
FNArena is pleased to have Jerry Simmons as a highly valued contributor to its service which aims at both educating investors and assisting them with their own market analyses.
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