To say the last few days have been a roller coaster ride for commodities would be an understatement, with both oil and gold providing some sensational trading opportunities, but for very different reasons. For gold, it was the Swiss referendum over the weekend, and for oil, it was the OPEC meeting in Vienna.
The USDJPY pair fell during the session on Monday, but as you can see found enough support near the 180 level to turn things back around and form a little bit of a hammer.
After touching 1.5590 support, GBPUSD bounced back into the trading range between 1.5590 and 1.5825,
The AUDUSD pair gapped lower at the open on Monday, but as you can see bounced in order to fill that very same gap.
Brent crude oil (BNO, quote) dipped below $70 on to start the week as the commodity continued to free-fall following OPEC’s decision not to implement a cut. The commodity traded at $68.60 at 8:30 GMT on Monday morning as investors looked to economic data for any indication that the global economy could pick up.
GBPUSD broke below 1.5590 support, indicating that the downtrend from 1.6182 has resumed.
EURUSD moved sideways in a trading range between 1.2358 and 1.2599.
AUDUSD’s downward movement from 0.8795 extended to as low as 0.8416.
Sina Weibo has banned users from promoting the country’s most popular messaging app WeChat on its platform as the two Internet giants battle for users.
As we come to the end of another trading week, for the Australian dollar it has been another characterized by negative sentiment with the AUD/USD likely to close with a wide spread down candle, with the bearish tone picking up momentum once again. The move lower for the pair is of no great surprise given the clear and unequivocal messages that have been emanating recently from the RBA, during the
