This week saw data from the UK surprise positively and the severally-oversold pound bounced back sharply, while the dollar fell across the board as the Fed watered down rate hike expectations in the minutes of the FOMC’s last meeting and after some weakness in US data was observed, causing the EUR/USD to climb to its best level since 24 June.
The AUDUSD pair fell initially during the course of the session on Tuesday, but turned back around to form a hammer as we press up against the massive resistance at the 0.7675 level.
The AUDUSD pair went back and forth during the course of the day on Wednesday, essentially settling on a neutral candle.
The AUDUSD pair went back and forth during the course of the day on Tuesday, crashing into the 0.75 level, and then shooting towards the 0.7650 handle.
The AUDUSD pair initially tried to rally during the course of the session on Monday, but turn right back around to form a bit of a shooting star.
The longer term recovery for oil which peaked in the $52 per barrel area last month, is now reversing once more and picking up bearish momentum ahead of the weekly oil inventories due for release later today, as both the technical and fundamental picture help to drive prices lower once again.
As US equity markets continue to defy gravity and move inexorably higher, so the VIX slides ever lower as market complacency takes hold with risk on appetite continuing to remain firmly on the menu.
Last week’s bearish engulfing candle for gold on the weekly chart appears to have had some follow through at the start of the new trading week, as the precious metal fell victim to a renewal of risk appetite as most global equity markets made fresh monthly highs, and the S&P and DOW soaring into new high ground.
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The AUDUSD pair initially fell during the course of the day but then broke out to the upside as the 0.75 level gateway.
