Not a good week at ForexGump. Hibernation for the dollar bear? Dollar has been strengthening for the past 2 weeks and most likely we will see the bulls taking over for the upcoming week. I shall do a gold analysis this week since Gold and Dollar always have a bitter relationship.
XAUUSD (Gold/Dollar)
End of the golden bull run?
Gold is currently supported by the ED channel. Once break through the ED channel may see gold drop to the highlight (yellow) zone. This comfort zone coincidently align with fib 6 and may be the zone where the golden bulls decided to push up the price. Any break and retest of the ED channel is a short for gold.
USDCHF
Bullish divergence in OsMa
Franc pair might be the biggest mover for the upcoming weeks. Why? If the golden bull run stop, most likely its the same for the franc bear. Swiss is one of the country with the largest gold reserve (more than 25% of the franc is backed by gold reserves) and therefore strongly interlink with Gold. USDCHF has already shown bullish divergence in OsMa. Any break above the ED channel and retest to the highlighted (orange) zone is a buy. Price is expected to meet some resistance near highlighted (yellow) zone.
AUDUSD Day Chart
A lower high formed
AUDUSD H4 Chart
XAUUSD (Gold/Dollar)
End of the golden bull run?
Gold is currently supported by the ED channel. Once break through the ED channel may see gold drop to the highlight (yellow) zone. This comfort zone coincidently align with fib 6 and may be the zone where the golden bulls decided to push up the price. Any break and retest of the ED channel is a short for gold.
USDCHF
Bullish divergence in OsMa
Franc pair might be the biggest mover for the upcoming weeks. Why? If the golden bull run stop, most likely its the same for the franc bear. Swiss is one of the country with the largest gold reserve (more than 25% of the franc is backed by gold reserves) and therefore strongly interlink with Gold. USDCHF has already shown bullish divergence in OsMa. Any break above the ED channel and retest to the highlighted (orange) zone is a buy. Price is expected to meet some resistance near highlighted (yellow) zone.
AUDUSD Day Chart
A lower high formed
AUDUSD H4 Chart
ED channel broken (retest bottom of ED channel)
Lower high formed in AUDUSD. Spotted an entry in H4 (see chart), retest of the broken ED channel give us the opportunity to short here. The critical level to break would be the orange zone and any retest to the support turn resistance zone is a safe short. Price is expected to be resisted near yellow zone. Sidetracking a little bit, Australia is the 3rd biggest gold producer in the world, see the link?
Final Comment
We might see a temporary halt of the golden bull run, investor may be switching to the Dollar haven, in hope that the US economy is recovering.
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