With the first half of the year well behind us, it’s time to reflect on some of the more interesting levels playing out in the markets.
AUDUSD: Significant symmetrical swing point, sellers beware!
The AUDUSD is making new lows and looks heavy but there are some things to note from these charts:
- We are near an ascending trend line which may provide some support.
- There is some potential symmetry at play with the previous bear move down in 2008; at this point in price, the bulls took control.
Brent Oil: the market close this week is key
Worth keeping an eye on the Friday close on Brent. A bullish close on the weekly candle would be interesting. However, the price action this week has been more corrective than impulsive and this pair needs to clear at least $57 to be considered a bullish impulsive move.
An interesting level nevertheless which may give some tradeable buy ops.
EURUSD: supported at the 1.08 level for now, but looks vulnerable.
As we commented last week on our twitter feed, the 1.08 is key. This pair looks bearish with a close below the 1.08 confirming. Any retest from below at this level may give some selling opportunities
If the EURUSD breaks out of the descending channel, price acceptance above 1.12 could see us retesting the highs.
BTCUSD: did the bulls tip their hand?
Buyers pushed this pair out of the channel but during a weekend with possibly reduced flows. For now we are trading back inside the channel which has been in play for this year but the strong hands may have tipped their hand. Further break outs to the upside will be watched with interest.
Gold: at the half way back
All the market commentators are bearish on gold – although these were the same talking heads calling gold to be higher than $2000 a few years back. The break of recent support is very bearish for this market, but there are a few sticky levels ahead such as the half way back and some historic chart structure which may attract some buyers
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