AUDUSD Forecast November 4, 2014, Technical Analysis
The AUDUSD pair continues to show significant weakness as we gapped lower at the open.
Currency
Currency Futures Round Up After a Quiet Start
With many of the major trading centres closed yesterday for public holidays, and with little in the way of meaningful fundamental news to drive price action, trading volumes in currency futures remained thin, with the Aussie dollar, the British Pound, the Canadian dollar and the Euro, all consolidating further following the volatile price action of last week.
Euro Steady Following ECB Meeting
The euro settled below $1.27 on Friday morning after jumping to a seven-month high on Thursday following the European Central Bank’s policy meeting. The common currency traded at $1.2646 at 7:30 GMT after the bank did not suggest that any type of quantitative easing program was on the horizon.
ECB Under More Pressure As PMI Slips
The euro remained below $1.32 on Tuesday morning as the European Central Bank’s (ECB) September policy meeting approached.
GBPUSD Daily Analysis – August 28, 2014
GBPUSD remains in downtrend from 1.7190 (Jul 15 high), the bounce from 1.6536 is likely consolidation of the downtrend.
More of the same for the Canadian, but watch the Dixie! (USDCAD)
Like many of the major currency pairs at present, it’s US dollar strength which has been the primary driver over the last few weeks, and for the USDCAD, which moved firmly lower once again, the decline in the price of oil has also added further momentum to the move.
Cable Continues to Remain Bearish (GBPUSD)
Cable moved lower once again last week as a resurgent US dollar continued to drive the pair, with the September futures contract closing at 1.6770 on the daily chart.
A Double Wammy for the Aussie dollar
Yesterday’s attempt by the Aussie dollar to break out from the current congestion with a move higher, was promptly snuffed out today, as poor employment data shocked the markets, sending the currency lower against the US dollar.
Canadian Dollar Remains Under Pressure – For The Time Being
The Canadian dollar has continued to come under heavy selling pressure once again today, driven by a resurgent US dollar, which has now broken through the key 81.30 level on the daily chart of the dollar index, to move firmly higher from this platform of support which is now in place.
Bearish sentiment for gold accelerates with volume leading the way
The last few days have seen some clear and unequivocal signals from the gold futures chart, that the precious metal is on the way lower, something I have been suggesting for several weeks.