The European Central Bank’s large bond buying programme appears to be finally working its magic. Inflation is on the rise, unemployment is falling and the economic bloc is – believe it or not – growing, all thanks to years of zero interest rates, several versions of bond purchases programme and a resulting weak currency.
No changed in our view, AUDUSD remains in uptrend from 0.7159.
For oil traders, speculators and indeed corporate buyers, the price action on the daily oil chart reflects a confused picture for crude oil, and to mix metaphors for a moment, the waters have been muddied and remain confused and uncertain.
For gold traders and gold investors, the daily chart for the precious metal has delivered some simple and clear examples of the power of volume price analysis, and how it can help us not only identify reversals and turning points, but also help us to stay in a position – which is the hardest part of trading success, bar none.
GBPUSD stays in the upward price channel on 4-hour chart, and remains in uptrend from 1.1986.
EURUSD stays above the upward trend line on 4-hour chart, and remains in uptrend from 1.0340, and the fall from 1.0774
The EUR rallied during the day on Monday, but found enough resistance at the 50-day exponential moving average to turn around and form a less than spectacular candle.
The AUDUSD pair had a volatile session on Monday, reaching towards the 0.75 level above.
The USDCAD pair did very little during the day on Tuesday as we continue to hug the previous uptrend line.
AUDUSD is slowly trending higher, moving inside a rising wedge pattern visible on its 1-hour and 4-hour charts. Price is testing the resistance and could be due for a move back to support at the .7475 level.