Prices continued to consolidate during the course of the day as the action was all on the other instruments and the gold bulls and bears decided to take a rest. The weakness in the stock markets has helped to keep the prices buoyed but as the markets recover, we should see the gold prices come under pressure in the near future.
The prices continued their recovery over the last 24 hours as they edged above $47.10- the resistance level turned to be support. during the course of the day and continue to trade strongly. This leads us to suspect whether the bottom is in.
The pair continued to move higher despite a clarification issued that said that Draghi’s comments on the previous day were not supposed to be as hawkish as the market had expected it to be. This led to a small correction back to the broken resistance near the 1.13 region only for the pair to rocket higher again and the pair has been moving higher non-stop. However, it is unlikely that EurUsd will be able to gain more until the end of the week as it is overheated. The support is now located in the 1.1350 area.
The market does not seem to know what it has to be doing with so much of action taking place on all sides with respect to the various currencies. The stock markets are higher, the pair is high as well, and the pair should remain supported in the near future. The market is testing the trend line, passing through the January and May highs. Today the pair is near JPY112.72
The pair joined the other currencies in moving higher against the dollar and this trend is likely to continue in the short term. The fall in the commodity prices like gold is likely to weigh on the Aussie but that should not deter the uptrend too much. The Australian dollar continues to look strong and is approaching a key resistance level of about $ 0.7700. However the possibility of correction is high.
The pair joined the euro in moving higher during the last 24 hours as hawkish comments from Carney, where he hinted on tapering of QE, helped the pair to move through 1.29 and it threatens the resistance at around 1.30. With the dollar clearly being weaker, it is only a matter of time before the pound breaks higher.
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