Market Commentary: AUDUSD AUDJPY USDCAD GOLD OIL
Hi traders, well today has been a small surprise as risk markets have come into Monday with strong buyer demand at this stage in the day.
Despite what could be seen as negative comments from the RBA this morning, the AUD has seen good gains to the JPY and USD. We’re looking at certain signs that buyers could be starting to form continuation patterns that failed to get going last week. This is the same but a mirror on the USDCAD as sellers so far have control. Could this be the move that gets the medium-term downtrend back underway?
We also take a look at the EURUSD and oil, the U/C could be dependant on how oil shapes up tonight, we did see a test of the June high last Friday but sellers quickly moved in after the test. Gold is another asset that’s seeing interest as buyers opened higher and fought back from an early sell-off to have price back above 1750. This is a break of the intermediate range. Is demand back to a level that could see a new test of the May high?
Today’s Market Analysis Video