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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

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Tuesday, October 02, 2012

DBC and AUD/USD

Two charts that look interesting are the Daily charts of the Commodities ETF (DBC) and the AUD/USD forex pair.

Price on DBC is trading just above trendline support. It may be in the process of forming a Head & Shoulders pattern, with the 50 sma (red) at the neckline. The MACD, Stochastics, and RSI indicators are just above the zero or 50 level.

The AUD/USD is trading just below a confluence of trendline/price resistance and both the 50 and 200 smas, but just at its lower Bollinger Band. The MACD, Stochastics, and RSI indicators are all below the zero or 50 level and entering oversold territory.

If DBC breaks and holds below its neckline to indicate a measured move down to around 26.00, and if the AUD/USD continues to weaken to confirm such a scenario, we may see also equities weaken and decline.