Market Snapshot

Market Technical Analysis – EUR/USD, AUD/USD and Gold

5 months agoByTomasz Wiśniewski

That was a very eventful week, especially on Wednesday after the interest rate decision in US and after we found out their economic projections.

  • EURUSD combined technical analysis and fundamentals. Doveish FED was supported by the inverse head and shoulder formation and by the correction equality pattern. Sentiment stays positive and we should see the price near the 1.0840 anytime soon.
  • AUDUSD also was supported by both types of market analysis. Fundamentally weaker USD after FOMC and from the technical point of view we had a flag and iH&S – both pointing north.
  • Gold and AUDUSD are highly correlated with each other. On both instruments we saw an upswing. On gold we managed to come back above the 1220 USD/oz, which now will be the closest support. Bullish sentiment is back on XAUUSD and we can expect that we will soon test the resistance on the 1245 USD/oz.

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