Now we are watching closely to monitor if we see price continue to move upwards or potentially reversing to the downside. Trade with care in the markets as the volume will slowly drop off in the next 1-2 weeks.
Just as we predicted in our initial post on our telegram channel, this pair made a clean bounce from the highlighted support to the current resistance. We forecast further downside from this point here. Wait for reversal confirmation.
Trump seems to be not ready for a trade deal yet. He wants to extend it until his next election in November 2020. This could potentially create global panic, as he wants also tariffs on European countries. His goal is that the USD has the best and strongest economy in the world, but this could also affect the US economy negatively.
Gold prices reacted to US Hongkong Bills. The Trade war is slowing down the Global economy, which could lead into strengthening Gold. We could potentially see a movement down, where we want to buy from a major support level.
Currently following our analysis perfectly.
The recovery of Oil prices seem to be nearly impossible. The bad data on the employment change in Cad could potentially force the BoC (Bank of Canada) to cut their interest rates. CAD could potentially be more weak for those reasons (long term).
RBA is being very cautious and have a lot of future plans for economic growth and investments.
AUD/USD seems overall very oversold below the 0.69 level. Any downfall is a new opportunity for us to catch a strong bullish movement.
After a triple top/consistent rejections from the 1.296 level, we forecast this pair to make a further continuation to the downside. Additionally, a gap at 1.278 is a target we expect to get filled soon.