Market Update: USD, Gold, Oil, US30

สิงหาคม 12, 2020
by Joseph Jeffriess, Market Analyst

Hi traders, today we take a look at USD, Gold, Oil and the US30 after another interesting night and Asian session.

The US dollar continues to push its case, as we ask if the AUD/USD D1 chart has started to break trend? EUR/USD also sits at support, and we’re looking for further evidence that sellers do hold momentum, as a few signs on USD/CAD and USD/CHF suggest rallies are trying to form but still a have a little more work to really confirm.

Gold, if you missed it, was flat out flogged overnight. Price fell by of 5.50% and traded a further 2+% lower today. Buyers have started a fightback, and we see 1880 on the 1H as minor support. Was yesterday a one-off or has USD and vaccine hopes start to hit gold?

Oil failed again at holding a move higher and price remains held in its range. We’re looking for a clear move in either direction to show us who is holding momentum. The US30 got off to a nice start but ultimately faded as sellers took control. This has set up a failed high but we’re watching the previous high that has now started to become support. 26,620, for now, holds demand. Price so far today is higher but we would like to see buyers hold above that level to suggest the current trend remains firm.

Data to come;

10:30 pm AEST US CPI and Core CPI data.

Today’s Market Analysis Video

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