Weekly Report 27th January 2015:
On the Monday webinar there was discussion about the divergence of the RSI and price trend in the Dow Industrials.
Following last night 330 point move down the first support level at 17500 has been reached.
Primary trend remains UP.
Any further breakdown from this level would see 17280 as the next level of support on a Weekly basis.
The DOW 30 continues to consolidate above 17,500, with the Swiss National bank decision and the
Greek elections out of the way the Index’s have held up and consolidated.
Last week the Index showed an “inside” indecision candle.
17500 is still the major support level to be held.
Primary Trend is UP.
Gold has made the break!
The Weekly chart of Gold shows the breakout of the sloping line of the descending triangle.
This Weekly pattern is complete with 3 highs and 3 lows, the breakout is retesting the descending line, any further weakness
should find support $1253 midpoint of a very strong trading period.
Look for a solid breakout above $1320 for continuation.
The AUDUSD continues to trend down, the daily chart shows an expanded range pattern with the inevitable breakdown to .7850.
Look for a retest of the lower part of the pattern around .7950 to .8000 cents.
Should a retest take place in the next few days, this will set up a lower price target of 75cents.