AUDUSD Weekly Analysis – October 16, 2016
AUDUSD moved sideways in a range between 0.7441 and 0.7755.
Currencies
EURUSD Correction Setup Oct 14, 2016
EURUSD recently broke below its descending triangle support at 1.1130 and has dipped to a low of 1.0988 before showing signs of a pullback. Applying the Fib tool on the latest swing high and low shows that the 61.8% Fibonacci retracement level lines up with the broken support, which might now hold as resistance.
USDCHF Parity In Sight As Dollar Extends Bullish Momentum
In recent days we have seen the dollar’s bullish trend gain momentum against the G10 currencies. Investors appear to be expanding their bullish bets on the greenback amid rising expectations that Donald Trump’s reputation will prevent him to become the next US president.
(Not So) Precious Metals
As we highlighted the possibility on Monday, gold took a big plunge below the psychologically-important and support level of $1300 per ounce yesterday. The breakdown triggered further follow-up technical selling, causing gold to fall for a time below $1270 per ounce.
Dollar Extends Gains In A Busy Week For US Data
The dollar has staged a broad-based rally today, which caused the GBP/USD to tumble to a new 31-year low and the EUR/USD momentarily dipped below its 200-day moving average once again.
AUDUSD Forecast October 4, 2016, Technical Analysis
The AUDUSD pair broke higher during the course of the session on Monday, but gave back more than half of the gains from the early part of the session.
EURUSD Forecast October 4, 2016, Technical Analysis
The EURUSD pair fell slightly during the course of the session on Monday, and as a result I feel that there is more than enough support below to eventually find buyers, and I believe that the 1.1150 level below is massively supportive.
Gold On Shaky Footing
Gold and silver have started the new trading week, month and quarter on the back foot today. At the time of this writing, gold was trading at $1312 and silver was below $19.00 per troy ounce once again.
Brexit-Hit Pound Stages Modest Rebound On Manufacturing Surprise
News that the UK manufacturing activity in September hit its highest level since June 2014 has provided a welcome relief for sterling.
AUDUSD Forecast September 27, 2016, Technical Analysis
The AUDUSD pair initially fell during the course of the session on Monday, but then turned around to form a very positive candle.