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Weekly Technical Market Commentary

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Weekly Technical Market Commentary

Tue, Nov 3 2009, 14:22 GMT
by Nitika Bansal

India Forex Advisors


AUDUSD

AUD/USD is having a strong trendline support near 0.8950 levels in Weekly chart. Only and Only a decisive break of this trendline support level indicates medium term bearishness in AUDUSD. The Weekly stochastic is due for correction in overbought region.

AUDUSD

EURUSD

EURO/USD is hovering near its strong weekly trendline support at 1.4700 levels. If Euro breaks this trendline support then the next support comes at 1.4450(Fibonacci and 21 EMA cluster support). The Weekly stochastic is showing Divergence condition.

EURUSD

GBPUSD

CABLE is forming a triangular pattern with the trendline as well as 100 day EMA resistance near 1.6625 levels and trendline support at 1.5900 levels. Either side breakout will rally the cable by 300 - 400pips. Currently it is trading at 1.6450 which is above support of 55 day EMA(1.6260).Weekly stochastic is showing neutral.

GBPUSD

GOLD

Commex Gold is having a trendline as well as middle Bolinger band support near $998 levels and currently trading above it at $1045 levels. It is having a resistance of $1070 levels (Upper Bolinger band). Break of below $998 would make gold bearish. The Weekly stochastic is showing Divergence condition.

GOLD

CRUDE OIL

Nymex crude oil is having a trendline support near $76 levels in Weekly chart. If crude breaks this trendline then next major weekly trendline support will be at $70.50(21 EMA). Stochastic is due for downside correction from the overbought region.

CRUDE OIL

COPPER

Commex copper is having a strong trendline as well as 21 EMA support near $281 levels in Weekly chart. Only and only a decisive break of this trendline support level would indicate a medium term bearishness in Copper. The Weekly stochastic is overbought condition.

COPPER

Published on  Tue, Nov 3 2009, 14:29 GMT


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Legal disclaimer and risk disclosure

These views/ forecasts/ suggestions, though preferred with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice.Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsible for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.

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