USDCHF has been trending lower on its 1-hour chart, moving inside a descending channel and testing support. Price has formed a bearish flag right at the bottom of the channel around the .9600 major psychological support and might be due for a break lower.
AUDUSD seems to have bottomed out from its recent long-term selloff, as the pair is starting to trade inside a rising channel on its 1-hour chart. Price recently broke above the double bottom neckline as well, setting its sights on the next potential resistance areas.
AUDUSD has been moving higher in the past few days but it could be a large correction from the longer-term downtrend.
GBPUSD recently broke past the resistance at the 1.5650-.1.5700 psychological levels and is showing signs of a pullback from the rally.
NZDUSD is forming a descending triangle on its 4-hour time frame, making lower highs and finding support around the .6500 major psychological level. Price just got rejected on its latest test of the triangle resistance and is making its way back towards the bottom of the triangle.
On Wednesday, the U.S. Federal Reserve is set to release its July meeting minutes, giving investors a glimpse into the bank’s discussions regarding an interest rate hike. At the moment, many believe there is a 50/50 chance that the bank will raise rates in September, though unforeseen economic conditions around the world could postpone those plans.
As speculative commodity traders, there are few occasions when it is hard not to make money, and certainly at present we have several stand out opportunities. These opportunities are rare, but when they occur, it’s time, as they say to ‘fill your boots’.
EURUSD has been consolidating inside a rising wedge pattern for the past few weeks and is recently showing signs of a breakdown. Price is trading below the 1.1300 handle and may be in for around 200 pips more in losses, which is the same height as the chart pattern.
Copper, along with several of the other principal base metals fell sharply this week as a resurgent US dollar drove many commodities lower, with both gold and silver also selling off strongly. For the base metals market it was Nickel which saw the most dramatic price moves, falling over 5.5% with copper and zinc both falling over 2 %, with tin one of the few commodities closing higher.
Difficult to believe that until recently the US dollar (UUP, quote) was being written off by all and sundry, with some even suggesting that its days as the currency of first reserve were numbered. Many were calling for the Yuan to replace it, and even the euro in its current iteration. Others suggested a basket of currencies. How times have changed.
