The aussie has been quite active since its selloff towards the end of June (always keep in mind that volatility and irrational market behavior can be expected towards the end of the months as larger institutions prepare for the new month. Its most recent low of 1.03893 on 6/27 was a retest of previous low 1.0439 on 5/25. Since then, it has rebounded and tested and retested previous high 1.0773 on 6/3. Its current pattern appears to be consolidating in preparation to go higher. A look at the daily and 8hour charts to the right, you can see fib. extension levels within striking distance, fib. ext. 1.272@1.0893 and ultimately fib. ext. 1.618@1.1029. Watch gold closely for the next movement.
Gold has been rebounding and looking to also go higher. It has broken ABOVE its 76.4% retracement of down leg from 6/22 to 7/1 on the daily. Weekly and monthly charts indicate consolidation within a bull flag formation. A breakout to the upside looks imminent, but we'll have to wait and see. And the aussie will surely follow!
The aussie has been quite active since its selloff towards the end of June (always keep in mind that volatility and irrational market behavior can be expected towards the end of the months as larger institutions prepare for the new month. Its most recent low of 1.03893 on 6/27 was a retest of previous low 1.0439 on 5/25. Since then, it has rebounded and tested and retested previous high 1.0773 on 6/3. Its current pattern appears to be consolidating in preparation to go higher. A look at the daily and 8hour charts to the right, you can see fib. extension levels within striking distance, fib. ext. 1.272@1.0893 and ultimately fib. ext. 1.618@1.1029. Watch gold closely for the next movement.
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