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 [...]
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.
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 [...]
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 [...]
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 [...]
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.
The Commerce Department reported that consumer spending advanced 0.2 in March-much weaker than the 0.3 and 0.7 percent registered in January and February. Extraordinary year-end bonuses and dividends-intended to dodge higher taxes in January-boosted consumer activity in January and February but now households are hunkering down. Much weaker consumer spending is expected for the second [...]
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.
It looks like the Euro/USD is about to make a move after days of range-bound trading. In recent days, the currency pair has been trading in a range between 1.3000 and 1.3100, waiting for the next news headline to make a move. Key levels to look at are 1.2975 and 1.3115.
by Dixon Fung Euro/USD is stuck in a range since the false break above 1.3115 a few days ago. The currency pair failed to move higher because the global equities markets are under pressure. The recent correction in gold is also a reason for a stronger USD.