The AUDUSD pair initially fell during the course of the session on Thursday, and then turn right back around to continue going higher. We had a very strong positive candle form during the course of the day on Wednesday, as the Federal Reserve has stepped away from interest-rate hikes, at least as far as the number of them in the year 2016 is concerned.
The AUDUSD pair went back and forth on Wednesday, as we continue to see quite a bit of interest between the 0.74 level on the bottom, and the 0.75 level on the top.
The AUDUSD pair broke higher during the course of the session on Wednesday, breaking above the past couple of shooting stars. Not only that, we have broken above the 0.75 handle, which of course has a certain amount of psychological significance as far as resistance is concerned.
Gold prices finished last week in bullish mood once again following the extended period of price congestion which has seen the precious metal trade within the range of the wide spread volatility up candle of the 11th February.
The AUDUSD pair broke out during the day on Wednesday as we cleared the uptrend line that had previously been so resistive.
The AUDUSD pair fell during the day on Monday, reaching towards the bottom of the ascending triangle that we have been trading in.
If traders drifting back to their desks for the start of the new trading year were expecting a quiet start, Chinese economic news delivered a shock to global markets with the Caixin Manufacturing index coming in below expectation at 48.2 against a forecast of 48.9, with the Nikkei 225 falling almost 600 points to close at 18,450.98 on the release.
Dithering by the FED, coupled with associated weakness in the US dollar have both combined to provide gold bugs with some much needed good news in the last couple of week, with gold rising Lazarus like from its trough of despondency in the $1110 per ounce region, to positively sparkle at the $1190 per ounce.
October 14’s Pre-Martket movers
With China facing an economic slowdown and many questioning whether or not the nation’s government data presents a reliable picture of just how bad the situation is, metal prices have fallen to multi-year lows.
