After finally finding a near term top over the last couple weeks as we probed levels we have not seen since 2011/2012, gold looks like it produced the pullback that most people were waiting for.
The AUDJPY has rallied back to key resistance which is the previous support from the June lows and also the 61.8% Fibonacci retracement at the 73.83.
The GBPJPY is working a double bottom formation as the pair held the dip to 126.60.
The Silver market has exploded higher reaching what may be called a “Fever Pitch” as the DSI (daily sentiment index) is at extreme readings and RSI is extremely overbought.
The EURUSD found support ahead of the 161% extension of the May lows to June highs near the 1.0920 level.
Silver posted today an outside spinning top after a relentless 3 month rally higher.
The Gold silver ratio reversed lower last month from an almost all time record high (above 93).
On August 19th we argued that the USDMXN has room to rally to the key resistance we have hit the last couple sessions (read here) but now that we are at key resistance, what now?