In this brief article I take a look at a few interesting markets.
EURUSD continues to trade sideways, but a break to the October low of 1.1429 might send the price towards the August low of 1.1299.
EURUSD Daily Chart
Much like the EURUSD, the $GBPUSD remains trapped in a range. If the price manages to slide below the October low, the price might reach 1.2782, followed by 1.2666. While a break to the September high of 1.3307 might propel the price to the June high of 1.3472.
GBPUSD Daily Chart
Does the S&P 500 stand a chance? It looks to me that the price is carving out a head and shoulders pattern.
The DAX 30 is showing a similar pattern.
In Asia, the Shanghai stock market composite is up by 4.09%, and the price is above the 2016 low of 2635. The rise has caused a bit of “risk-on” in some markets, but looking beyond the short-term price action the trend remains bearish below 2823.3.
Shanghai stock market composite
The rise of the China A50 index over the October 17 high of 11221.8 has dented the downtrend and spurred a bit of “risk-on” in financial markets such as the USDJPY.
China A50 Index
As projected over the last few days, USDJPY continues to drift higher. The short-term trend will remain bullish above the October 15 low of 111.58.
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