The Australian dollar rallied on Monday, breaking well above the 0.75 level during the day, and crashed into the 0.7540 level. This is an area that could feature some resistance based upon a cluster from April 25, so I’m not excited about buying in this general vicinity.
Turkey (TUR, quote) is changing dramatically and at the center of this transformation is its president, Recep Tayyip Erdogan.
The British pound continues to march higher during the Monday session, and as you can see I have a trendline on the hourly chart showing that we have seen buying pressure again and again.
Whilst gold and silver have a relatively close relationship in terms of associated price action, in the last few weeks these relatively close bedfellows have diverged somewhat, with silver continuing the bearish sentiment initiated in mid April, whilst gold pauses and reflects, with neither metal appearing to benefit greatly from recent weakness in the US dollar (UUP, quote).
The EURUSD pair rallied initially on Friday, breaking above the 1.09 handle.
The AUDUSD pair initially fell on Friday but found enough support at the 50% Fibonacci retracement level to bounce a bit.
The dollar has been trending lower ever since the turn of the year. This has been because of the unwinding of the bullish positions that had been accumulated before and after the US election in part as investors began to question how much of the promised fiscal spending President Trump will actually deliver and how this may impact growth and inflation, and in turn interest rates.
EURUSD is moving inside an ascending channel on its 4-hour chart and is currently approaching the resistance at 1.0950 to 1.1000. If this area keeps gains in check, the pair could head back to support at the 1.0700 major psychological level or at least until the mid-channel area of interest.
Commodity currencies got beat severely during the session on Tuesday and of course the Australian dollar was no different.
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