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Autochartist Weekly Forex, Futures & Equity Market Recap for the Week-Ending June 22, 2012

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Published on Jun 24, 2012

This is James Hyerczyk with this week's Autochartist (http://www.autochartist.com) Weekly Forex, Futures and Equity market Recap for the Week-Ending June 22, 2012.

With the emphasis on the Greek elections this week-end, Autochartist identified one scenario that could take place if the Greeks voted to exit the Euro. This is why the DJ Euro Stoxx 50 index was the stock index to watch on Monday, June 18.

Our technical research has identified a potentially bearish ABCD Fibonacci pattern on the Euro Stoxx 50 1440-minute chart. If the index had moved as forecast, it could've traded as low as 20.28 over the near-term.

On Tuesday, after turning its main trend to up on the 1440-minute chart, the New Zealand Dollar/U.S. Dollar, symbol NZD USD, surged to the upside, setting up a possible move into the Autochartist key level resistance at .8342. This approaching pattern made the New Zealand/U.S. Dollar the Forex market to watch on Tuesday, June 19.

Increased demand for higher risk assets on Tuesday on speculation the U.S. Federal Reserve would continue to hold interest rates at historically low levels and provide additional stimulus to battle against the slowing global economy, helped weaken the U.S. Dollar, and drive up equities and commodities. Crude oil also rose sharply making it the Commodity Market to Watch for Wednesday, June 20.

After failing to breakout to the upside, crude oil turned to the downside on Thursday, June 21. Not only did crude oil break through the Autochartist key level, but it also took out a main bottom near 81.12. This kept the main trend intact and signaled further downside possibilities. The size of the candlestick prior to and at the breakout point indicates there is momentum and conviction behind this move. This made the chart pattern attractive to bearish traders.

On June 20, a sharp sell-off in global equity markets sent investors flocking to the safety of the U.S. Dollar. This trend continued early on Friday with further liquidation of higher risk assets likely. The expectation of additional selling pressure made the Japanese Yen the Foreign Currency market to watch.

We ended the week with Japanese Yen futures contract breaking through the support line of a triangle chart pattern on the 1440-minute chart. This completed the pattern, setting up the market for a possible move into the Autochartist target zone at 123.73.

This has been James Hyerczyk with this week's Autochartist (http://www.autochartist.com) Weekly Forex, Futures and Equity market Recap for the Week-Ending June 22, 2012. http://youtu.be/GsHKzGgyUQA

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