Dixon Fung
Critical Test in Gold Coming Up
Gold is slowly eroding away and it is about to test critical support at $1300. This is the 50 percent Fibonacci retracement level. If the bull market for the gold is still intact, this support should hold and will be the last of the deep technical correction. A break of this support will signal the [...]
AUD/USD at major support 0.9860
AUD/USD is testing major support at 0.9860 at the time of this article. As mentioned in earlier analysis, the currencies pair is having a major technical correction at this time. When AUD/USD broke major weekly uptrend support at 101.40 last week, it opened the door for further downside possibility. Today, the first target at 0.9960 [...]
Keeping an Eye on gold at the $1300 Level
The value of gold continues to decline as the U.S dollar gains strength in recent days. There are good supports at $1404 then $1320. It is important for gold to stay above $1300, a break of this level may signal the end of the decade bull market. Resistances are $1450 then $1490.
AUD/USD Technical Correction has Begun
AUD/USD broke major weekly support line at 101.50 late last week. It looks like the currencies pair major technical correction is under way. The first initial target is 0.9886, the 23.6 percent Fibonacci retracement. The final target of this correction is 0.9143 the 38.2 percent Fibonacci retracement.
Can USD/Yen Moves Above 100.00?
The bullish move in the USD/Yen is halting at the 100.00 level. There are a few good reasons for this. One, 100.00 is a psychological resistance level. Second, technically, it is also an important 50 percent Fibonacci retracement from the 124.00 to the low of 75.55.
AUD versus USD at Major Support
by Dixon Fung The Reserve Bank of Australia quarter percent surprised rate cut last night drove AUD/USD lower. The currencies pair had a huge gain since 2009 with very little correction. At the time of this article, the market is testing the major support at 1.0150. If this support breaks, it signals a further down [...]
What is the next direction for Gold?
Gold is consolidating at the moment within $1400 to $1500 levels. The next major direction for gold is still uncertain. If gold does go below $1300, it might signal the decades Bull Run is over. At the moment, there are a lot of natural demands for the commodities which is lending support for gold. Gold [...]
Can Euro/USD Break Out of the Range?
Euro/USD has been trading within the 1.2900 and 1.3200 range for many days. At the time of this article, it is testing 1.3200 after failing to go below the 1.2900 level from last week. The Euro currency is slightly stronger due to the recent overall weakness of the USD. We have the ECB and FOMC [...]
Gold Continues to Move Higher
by Dixon Fung Gold continues to move higher in a correction after hitting the low at $1,322. Last Friday, gold traded above the 50 percent Fibonacci retracement at $1,454 and it is now trying to test the 61.8 percent retracement at $1,485 at the time of this article.
Is the Correction Over for Gold?
Gold continues to move higher and is testing the $1,455 resistance level at the time of this article. If the technical correction is still in play, then gold should be testing the downside from this level.
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