ASX Weekly Review
Wave Analysis
Last week, the Australian index rallied massively to the upperside and is still pretty much bullish both on the daily and on the weekly charts. As it is on this chart, we are expecting a possible momentum to the upperside and should breakout beyond the upper trendline. If you are looking at this chart now, keep looking for long term buy position. The anticipated bullish price rally is the continuation of the impulsive wave (v) to the upperside and should break beyond 6481.0 towards 7171.8.
Trade Recommendations:
Remain long towards the upper trendline.
XAUAUD
Wave Analysis
Currently Gold against the Austalian dollar is upwards. While we continue to see sustainance above the two moving Averages, we expect nothing but a possibe momentum to the upperside. The anticipated bullish price rally is the continuation of an impulsive wave count and could see price break beyond 2853.90 towards 3000.00 or even higher. We may see a pullback towards 61.8% fib level which will give us a good place to consider a possible long term buy position towards 3000.00.
Trade Recommendations:
Buy a bounce from 61.8% fib level.
NQ100 Weekly Review
Wave Analysis
Last week, NQ100 gained value significantly, but we're still below the highest high. On this chart, we are waiting for a possible bearish correction towards 38.2% fib level or 50.0% fib level to pick a low risk buy position. If you are looking at this chart now, keep looking for low risk buy positions expecting price to break above 12561.5. Only a clear breakout below 50.0% fib level will mean we are looking for long term sell positions towards 61.8% fib level and could breakout much lower.
Trade Recommendations:
Look for long term buy positions towards 12986.5.
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