Corcoran Technical Trading Patterns For January 12
Equities are retreating in European trading on Tuesday morning. The UK’s FTSE registered a rather striking shooting star pattern in yesterday’s session as it tagged the 5600 level and then sold off during the latter part of the session.
As of the time of writing, the index is at 5470 and a revisit to the 5380 level seems probable during the course of this week.
Germany’s DAX is currently off about 1.5% and the four-hour chart below indicates that a recent trend line has been broken in addition to a drop below the Kijun Sen level. Some support should be expected at the top of the green cloud but there is a likelihood that the bottom of the cloud will also now need to be tested in coming sessions.
AUD/USD will be worth monitoring today as there is evidence that a topping pattern may be unfolding, and as can be seen on the 4-hour chart, the currency pair is at a critical level which, as with the DAX index, may well be setting up for a test of the cloud formation.
Clive Corcoran is the publisher of TradeWithForm.com, which provides daily analysis and commentary on the US stock market.
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