Commodity Currencies Further Sell Off?

This week our vlogger examines commodity currencies and shares which trends we can look out for that'll influence our trading

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.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

Suggested articles

Going Past the Great Wall: Things to Consider When Entering the Asian MarketGo to article >>

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!
Got a news tip? Let Us Know