For equity bulls, the nightmare is over for now. For gold and silver bugs it’s just beginning. If yesterday’s price action was concerning, the overnight news from Japan has opened the trap door for both metals, which has seen them plunge in early trading, as the Bank of Japan sent shock waves through the market announcing an acceleration of its bond buying program.
EURUSD may be in for another set of losses, as the pair formed a reversal chart pattern on its 1-hour time frame. A double top formation can be seen, with price nearing the neckline around the 1.2600 major psychological support.
Yesterday’s trading session for commodities was an interesting one to say the least, with oil prices slumping, gold prices whipsawing, and silver prices breaking lower with momentum, as the bears continue to maintain a vice like grip on the market.
For gold bugs, yesterday’s gold trading session was another of those which promised much but delivered little, as the precious metal attempted to rally early in the session, before the weight of selling pressure overwhelmed the beleaguered bulls once more. The pattern for gold is now becoming remorseless and repetitive, with bearish sentiment now dominating, and as each rally comes and goes, the metal moves ever lower on the longer
The EURUSD pair fell during the session on Tuesday, as the 1.37 level did in fact offer resistance.
Following continued bullish momentum for many of the major currency pairs, these are now approaching key technical levels, which if breached could prove to be the tipping points for some sustained and longer term trends to develop.
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AUDUSD stays in a downward price channel on 4-hour chart, and remains in downtrend from 0.9461, the rise from 0.9227 would possibly be consolidation of the downtrend.
EURUSD is facing 1.3879 resistance, a break above this level will signal resumption of the uptrend from 1.3672, then next target would be at 1.3950 area.
AUDUSD is facing 0.9316 resistance, a break above this level will indicate that the downtrend from 0.9461 had completed at 0.9227 already,
