AUD/USD and Gold

Discussion in 'Forex Trading' started by reach3, May 16, 2013.

  1. reach3

    reach3

    Both AUD/USD and gold seem to have breached the 40-month EMA decisively.

    Two downtrends in the making?
     
  2. elisab

    elisab

    When gold will reach 1280 then I will look at where AudUsd is and I will decide whether to go long. I do not think the bear market of gold is over yet.
     
  3. Triangle
     
  4. I don't think so either. We might see more downside for gold, and that might trigger some panic since people are watching what they think is gold settling out and reverting to it's normal upward grind over the last few days.

    That being said, I'm not betting the farm on gold going down. I just think the downside will be sharper and harder than the potential upside... Like, if we see more downside, it won't be a gentile feather floating down giving all the gold bulls plenty of time to offload their holdings at prices they feel is fair.. it will hurt like the first dip we saw earlier.
     
  5. elisab

    elisab

    The interesting thing is that gold, as soon as the Fed has formalized its willingness to decrease the QE, has started to rise.... maybe the market is saying that the Fed is bluffing?
     
  6. elisab

    elisab

    Tomorrow there will be a meeting of the Rba, and all oscillators suggest strenght for Aud in the coming days.
     
  7. elisab

    elisab

    Touched the low of October 2011 this morning, a very delicate moment for the Aussie.
     
  8. elisab

    elisab

    AudUsd has closed wave 3 (=2.618 times wave 1) at 0.9310. A trading range (wave 4) is expected now before a new fall.
     
  9. elisab

    elisab

    61.8% of correction completed on the hourly charts, time to come back long?
     
  10. elisab

    elisab

    Nothing to do for the Aussie, even breaking the support of 0.9388, the bull market is ended.
     
    #10     Jun 20, 2013