The AUDUSD has been under pressure the last week after reversing from the 2018-19 trend line (blue) but is coming to a confluence of support.
The AUDUSD has broken out of a bearish wedge and also has a bearish pennant that is trying to play out.
The AUDUSD has been in a tight consolidation for the last 5 weeks, but we are now at the triangle resistance.
The AUDUSD has a bear flag setting up before some key economic events.
During the past few years there has been a good correlation between the Gold and CNH. The Chinese Yuan has been a good proxy for US Dollar relative performance and risk on / risk off flows. As the Dollar strengthens, USDCNH naturally rises and vice versa.
Since the AUDUSD rallied from the late North American session selloff from a couple weeks back, the rally has stalled at the 200DMA.
The USD (DXY) has been range bound for months, and mostly this is a product of many cross currents in the markets. Equity market volatility, weakness of fundamental data globally stating to seep in, the FOMC looking to be at the end of their hike cycle, China and US trade war brewing, and the list […]
The Federal Reserve announced on the 20th September that it would begin its multi-trillion Dollar balance sheet reduction as planned, starting October 2017.