Stocks Report: JD.com, Inc.
JD broke support level 22.00
Likely to fall to 20.00
JD continues to fall – following the earlier breakout of the major long-term support level 22.00, which was set in our previous forecast as the likely target for the downward movement of this company. The breakout of this support level accelerated the active minor impulse wave 3, which belongs to the intermediate downward impulse wave (C) from the middle of December (as can be seen from the daily JD chart below). JD is likely to fall further to the next round support level 20.00 (target price for the completion of the active impulse wave 3).
Commodities Report: Gold
Gold rising inside C-wave
Likely to rise to 1300.00
Gold has been rising sharply in the last few days inside the minor impulse sub wave of the C-wave, which belongs to the intermediate ABC correction (2) from the start of December. The active C-wave started previously – when the price reversed up from the support zone lying at the intersection of the strong support level 1210.00 (which reversed the earlier minor correction (iv) in March), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp upward impulse form December. With the rising daily Momentum – Gold is likely to rise to the next resistance level 1300.00 (top of earlier A-wave).
Index Report: Deutsche Borse AG German Stock Index
DAX broke support level 9800.00
Likely to fall to 9470.00
DAX recently broke sharply below the strong support level 9800.00 (which has been reversing the price from the start of May and which was set in our previous forecast as the likely target for the downward movement of this index). The breakout of this support level accelerated the active impulse wave 3, which earlier broke the support trendline of the daily up channel from February. DAX might correct up to test the aforementioned price level 9800.00 (acting as resistance now after it was broken) – after which the index is likely to fall to the next support at 9470.00 (low of the earlier B-wave).
Forex Report: AUD/JPY
AUD/JPY reversed from pivotal support level 78.00
Likely to rise to 80.00
AUD/JPY recently reversed up from the support zone surrounding the pivotal support level 78.00 (which has been reversing this currency pair from the start of February, as can be seen from the AUD/JPY chart below). This support level reversed the previous primary impulse wave ① in February – creating the daily Japanese candlestick reversal pattern Hammer, highlighted below. The support zone near the support level 78.00 was also strengthened by the lower daily Bollinger Band. AUD/JPY is likely to rise to the next resistance level 80.00.