Trading Chances: Gold, Nasdaq 100, USD/JPY And DAX
Markus Gabel | May 27, 2016 08:54AM ET
Gold
The precious metal has a very strong run behind it. It is currently in its 5th correction and is once again threatening to reach the lower end of the green correction zone. It also exited the downward-facing trend channel from below; a return to the bottom edge of this channel is to be expected in order for it to then pick up the downward movement once more. In this case, we can expect a break of the big upward trend.
Nasdaq 100
The US technology index is considerably better off than the DAX. The Nasdaq has also recently experienced some strong trading days, and is currently at the high at around 4479 points. The first valid correction zone stretches from 4402 to 4280 points. After the current strong movement, a correction should soon be expected, which should, however, offer good entry chances in the medium term.
USD/JPY
In the hourly chart, we have a very mature downtrend here. We are currently looking at the 7th correction, meaning that a trend break is to be expected imminently. This will occur with a closing price above 111.883 JPY. With this, an early bottom could be reached, and we should reckon with continuously increasing prices after this.
FDAX
In the hourly chart, the German stock index is in a stable downtrend, where it is in a correction after a sideways phase of almost two weeks. So long as the price remains in this zone, the downtrend can continue at any time.
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