Technical Outlook:
- AUD/USD rally has room to go
- EUR/USD big level it is at right now
- Gold congestion could set up next run
AUD/USD continues to rebound with the risk-trade as markets have been soothed by massive monetary intervention. The recovery is taking another leg higher, and looks headed for a full recovery of the March mayhem. Looking towards the breakdown level and 200-day confluence at 6680/6700.
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AUD/USD Daily Chart (reversal to breakdown point)
EUR/USD is trying to lift off the long-term trend-line we have been discussing in recent weeks. It has tested it repeatedly without being able to hold a rally which suggests it still could break. But, it is support until it isn’t, and on that will respect it. The major breakdown point is 10635, while a potentially significant rallying point is if EUR/USD can rise above 10990.
EUR/USD Daily Chart (10635/10990 to watch)
Gold price action suggests it wants to hold up and rally in the short-term, in-line with the longer-term trend. We could see a higher low develop here today or very shortly that would suggest is indeed firming up for another run beyond 1747.
Gold Daily Chart (continuing to firm up)
For all the charts we looked at, check out the video above…
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—Written by Paul Robinson, Market Analyst
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