Dear traders, we like to present you with a short view on GOLD , AUDNZD , and CRUDE OIL.
From the chart below, we can see a level 3 rally with an obvious divergence in print, we therefore we like to await a reaction @ 1694.50 level or a break of the rising TL for a sell back to 1585 zone conservatively. We will be posting the exert entry asap in the trading room.
From the weekly tf, this pair is in a bearish mode with a view towards forming the last dip before any final reversal. The chart below , shows a TL break , pullback in process prior to continuation. We therefore expect this pullback to end around the 61.8% of the TL break swing @ 1.0315 zone for a sell back to conservative target @ 1.0145. Entries will be posted real time in the trading room.
The black gold had an engulfing structure printed last week due to Trump intervention into the Russia and Saudi Arabia supply deal. With this in place. we plan for pullback to the 50% of this rally for a continuation this week…. we therefore currently await a buy @ 24 zone for a target @ 34 zone .
Fundamental round up:
RBA kept cash rate at 0.25%, very large economic contraction expected in Q2
Australia AiG services index dropped to 38.7, lowest since 2009
New York Fed: Consumers see chance of job loss jumped
If you like our works and we love to join our trade room , feel free to follow this link