The recent rally for soft commodities appears to have stalled once again last week, as improving weather conditions across the US mid West allowed harvesting to get back on track with the forecast for a record crop now back in focus.
The AUDUSD pair fell during the course of the day on Thursday, but found enough support to turn things back around and form a hammer.
The AUDUSD pair broke higher during the course of the day on Wednesday, clearing the 0.88 level but not clearing the resistance above.
Let me start this analysis for oil, by highlighting an issue which I always find deeply ironic which is this – when oil prices rise quickly, a hue and cry results with the ‘evil’ speculators blamed who quickly become public enemy number one.
EURUSD may be in for another set of losses, as the pair formed a reversal chart pattern on its 1-hour time frame. A double top formation can be seen, with price nearing the neckline around the 1.2600 major psychological support.
The AUDUSD pair fell hard during the course of the day on Tuesday, showing the 0.88 level as been resistance.