HOT TOPICS LIST
- MACD
- Fibonacci
- RSI
- Gann
- ADXR
- Stochastics
- Volume
- Triangles
- Futures
- Cycles
- Volatility
- ZIGZAG
- MESA
- Retracement
- Aroon
INDICATORS LIST
LIST OF TOPICS
PRINT THIS ARTICLE
by Gary Grosschadl
Things heat up in this ever-present love triangle.
Position: N/A
Gary Grosschadl
Independent Canadian equities trader and technical analyst based in Peterborough
Ontario, Canada.
PRINT THIS ARTICLE
CHART ANALYSIS
Euro Pain, Dollar Gain, Gold Disdain
03/04/04 01:41:26 PMby Gary Grosschadl
Things heat up in this ever-present love triangle.
Position: N/A
| There is no denying the strong intermarket relationship here. The American dollar and the Euro wrestle each other for supremacy. What drives one up, drives the other down as currency traders are swift to play one against the other. Meanwhile gold, since it usually moves opposite to the USD (U.S. Dollar Index), also usually moves in tandem to the Euro via the XEU (Euro Index). Gold followers would do well to watch the XEU as well as the USD. |
| The mirror image relationship is so strong between these duelling "dollars," that we see equal and opposite pattern measurement targets each containing confluent support/resistance from their respective 200-day exponential moving averages. |
|
| Strong intermarket relationships are very apparent on these three charts. |
| Graphic provided by: Stockcharts.com. |
| |
| The daily gold chart shows a symmetrical triangle which is generally a neutral pattern, that can break either way. With extra pressure on the Euro, this gold triangle could break the lower trendline. If so there is a suggested support zone via a strategic former long candlestick shadow as well as a previous gap. Not surprisingly there is confluent support from our old friend the 200-day EMA. |
| Gold traders should watch for a turnaround signal from the Euro Index which should also relate to a USD reversal. These moves may coincide with a move back up to the gold chart's upper trendline. |
Independent Canadian equities trader and technical analyst based in Peterborough
Ontario, Canada.
| Website: | www.whatsonsale.ca/financial.html |
| E-mail address: | gwg7@sympatico.ca |
Click here for more information about our publications!
Comments
Date: 03/04/04Rank: 5Comment:
Date: 03/05/04Rank: 4Comment:
Date: 03/09/04Rank: 4Comment:
Request Information From Our Sponsors
- StockCharts.com, Inc.
- Candle Patterns
- Candlestick Charting Explained
- Intermarket Technical Analysis
- John Murphy on Chart Analysis
- John Murphy's Chart Pattern Recognition
- John Murphy's Market Message
- MurphyExplainsMarketAnalysis-Intermarket Analysis
- MurphyExplainsMarketAnalysis-Visual Analysis
- StockCharts.com
- Technical Analysis of the Financial Markets
- The Visual Investor
- VectorVest, Inc.
- Executive Premier Workshop
- One-Day Options Course
- OptionsPro
- Retirement Income Workshop
- Sure-Fire Trading Systems (VectorVest, Inc.)
- Trading as a Business Workshop
- VectorVest 7 EOD
- VectorVest 7 RealTime/IntraDay
- VectorVest AutoTester
- VectorVest Educational Services
- VectorVest OnLine
- VectorVest Options Analyzer
- VectorVest ProGraphics v6.0
- VectorVest ProTrader 7
- VectorVest RealTime Derby Tool
- VectorVest Simulator
- VectorVest Variator
- VectorVest Watchdog
Join
us on Facebook
Follow
us on Twitter
DEPARTMENTS: Advertising | Editorial | Circulation | Contact Us | BY PHONE: (206) 938-0570
PTSK — The
Professional Traders' Starter Kit
Home — S&C
Magazine | Working
Money Magazine | Traders.com
Advantage | Online Store | Traders’ Resource
Add a Product
to Traders’ Resource | Message
Boards | Subscribe/Renew | Free
Trial Issue | Article
Code | Search
Copyright © 1982–2024 Technical Analysis, Inc. All rights reserved. Read our disclaimer & privacy statement.