FYI | Aug 08 2012
FNArena has added another video to its Investors Education section on the website. This week ATW's Jerry Simmons starts his discourse talking about the Friday just passed and how it was a pivotal day that could turn into a key event day.
There was a bit of good technical news from the AUD/USD Daily, as it finished the Friday and the week at a high, which is a bullish sign for commodities and global equities.
China remains a crucial market to track, with Jerry noting the iShares FTSE/Xinhua China 25 Index is approaching a strategic Dual Purpose Trend Line. It’ll have to back above 35.5-36.0 for continuation to the upside, thinks Jerry.
In commodities, Comex Gold posted a break out failure two weeks back and Jerry thinks we need a break above that week high in the 1635-1640 area for more signs of upside.
For the oft discussed EUR/USD Weekly, Jerry notes a 180 degree cycle hit a low the week before, with the trend up last week. Given each of the 4 previous lows were at 180 degree cycles Jerry sees a fully qualified weekly break out.
However, Jerry isn’t convinced this carry into the future, noting a very high rated 5 wave move was completed at the prior week’s, so it would not be unlikely to see the market pause at last week’s high given it is in-line with the 2 previous week’s lows. A breakout past 1.2450 will be needed for a continuation to the upside.
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.
Find out why FNArena subscribers like the service so much: "Your Feedback (Thank You)" – Warning this story contains unashamedly positive feedback on the service provided.