Sell the bounces! IMO we have a bearish engulfing pattern playing out. 1. Price couldn't pierce the resistance line 2. Evening star candle in a up trend with progressively lower volume 3. AUD/USD has been and I believe continues to be a sellers market 4. China's economy is a proxy of AUD and China's eco data is dovish
We have two events upcoming in the news that could effect which scenario plays out, Monday Italian Industrial Production at Monday 3am CST (GMT -6:00) and Tuesday 4am CST (GMT -6:00). Video posted explaining chart @ http://daytradingfutures.net/2014/01/11/video-eurusd-futures-daily-technical-analysis/
Economic data to be released, in my opinion, will put additional pressure on the AUD currency. We had some positive news come out on 01/06/14 that didn't help the currency punch through the various lines of resistances drawn in blue. The major events upcoming that more than likely will drive AUD down is (times in GMT -6.00) US ADP Nonfarm Employment Change @ ...
In the Kitco News Gold Survey, out of 34 participants, 17 responded this week. This was less than normal, with many still away from their desks for an extended New Year’s holiday. Ten see prices up, while six see prices down and one is neutral. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts.