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Forex Trading Long on AUDUSD. Gold (XAUUSD) in Symmetrical Pennant.

Forex Trading Long on AUDUSD. Gold (XAUUSD) in Symmetrical Pennant.


In today’s GCI Market Outlook, let’s take a look at Forex Trading on Gold (XAUUSD), EURGBP, AUDUSD, and EURAUD.

Last time we warned you about the RBA Interest Rate Decision.

There was no change but price action moved reflecting a temporarily stronger AUD. Why?

AUD went stronger based on higher-than-expected inflation figures.

So, from the technical side, we can see opportunities.

On EURAUD, for example, price action rose to the upper trend line in this bear run with a level of support at $1.63.

Keep an eye on your technical indicators.

On AUDUSD, we see then same thing but with AUD as the base currency in a bull run.

Price action is trying to break a key level of resistance which was the neckline of this double top.

The next level above is at $0.66.

Watch out today for an Interest Rate Decision from London where we expect no change.

Investors and traders will be watching the speech 30 minutes later and we might find the same opportunities as we had with AUD.

For example, we have been in a bull run on EURGBP since the end of April and we have room to move higher up to resistance at this double top.

Last time we were looking at a short position on Gold, at this point, and we are still in profit.

However, price action has formed a symmetrical pennant that may be bearish as it originated from above.

Our technicals aren’t giving up many clues right now but any news regarding geopolitical tensions may drive prices higher.

That’s all for now.

CFDs and FX are leveraged products and your capital may be at risk.