AUDUSD Forecast November 4, 2014, Technical Analysis
The AUDUSD pair continues to show significant weakness as we gapped lower at the open.
The AUDUSD pair continues to show significant weakness as we gapped lower at the open.
EURUSD broke below 1.2500 support, indicating that the downtrend from 1.3700 (Jul 1 high) has resumed.
AUDUSD continued its sideways movement in a range between 0.8642 and 0.8910.
For equity bulls, the nightmare is over for now. For gold and silver bugs it’s just beginning. If yesterday’s price action was concerning, the overnight news from Japan has opened the trap door for both metals, which has seen them plunge in early trading, as the Bank of Japan sent shock waves through the market announcing an acceleration of its bond buying program.
The EURUSD pair fell hard during the session on Thursday, but turned back around and bounced hard enough to form a beautiful looking hammer.
The AUDUSD pair bounced during the course of the day on Thursday, but still remains trapped in the basic consolidation that we have seen for some time now.
For gold, October could best be described as a game of two halves, with the rally of the early part of the month, now appearing to have run out to steam as the longer term bearish sentiment begins to dominate once more.
AUDUSD moved sideways in a range between 0.8642 and 0.8898.
Brent crude oil (BNO, quote) lost momentum on Monday morning after reports that Goldman Sachs had trimmed its forecasts for crude oil prices.
USDJPY stays above the upward trend line on 4-hour chart, and remains in uptrend from 105.32.