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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...
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Tuesday, February 19, 2013

Update on Commodities & AUD/USD

I last wrote about Commodities and the AUD/USD Forex pair on January 20th.

Since then, the Commodities ETF (DBC) broke above trendline resistance, and is attempting to bounce after a re-test of near-term support, as shown on the Weekly chart below. Near-term resistance is the upper Weekly Bollinger Band at 28.70. A break and hold above that level could signal a new rally in store for Commodities, in general.

Additionally, the AUD/USD Forex pair is bouncing off its lower Weekly Bollinger Band and a major support level. A hold above the 50 sma (red) could send it up to its mid or upper Bollinger Band.