It has been a volatile period for commodity currencies. This week I’ll be looking at AUD/USD NZD/USD, USD/CAD and gold.
AUD/USD completed a head & shoulders pattern with price breaking out of its neckline. It’s currently forming a potential bearish flag pattern that could yield further downside.
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NZD/USD is in a similar situation with a clear down trend on the weekly charts. Looking at the 4 hour chart, you can see price respecting the area between 20 & 50 EMA which could provide a shorting opportunity.
USD/CAD has been trading higher over the last 4 weeks and momentum is clearly to the upside. My bias for this is to go long.
Gold is the shocker this week as it had a massive sell down early Monday morning. This is a prime example of why one must always have a stop loss when trading the markets. Because anything can happen.
I wish you good luck and good trading, talk to you soon!