Hello Traders,
Let’s hit the charts…
1. AUD/USD
The AUD/USD began the week maintaining its bearish outlook. Presently support level 0.60559 is being tested.
If the daily candlestick confirms a breakout, we may see price drop to the next possible support level (0.56320) after a pull-back.
In order to appreciate the support levels listed, view the pair through the weekly time frame.
2. XAU/USD (GOLD)
Gold has been dramatic in the last few days.
It started the week by dropping over +1000 pips, hence hitting support level 1449.92, before a pull-back.
Today price almost tested the same support level before a pull-back re-occurred. Price has been respecting the ascending trendline which has been serving as a key support level.
In my opinion, there is a possibility that the buyers are getting warmed up to hit the market.
If that happens, price may test resistance level 1610.29 before the trading week runs out
What are your thoughts?
Thank your for spending your precious time reading through our analysis.
Do have a pip-full day ahead.
