Wednesday, 5 November 2014

Gold approaching test of key trend channel support around 1120

Monthly chart shows Gold approaching a test of key trend channel support around 1120. Trade the channel until/unless it breaks.

AUD/USD breaks lower from trend channel / flag, headed toward 0.84

Daily chart shows AUD/USD breaking lower from the recent flag / trend channel. This year the AUD/USD has been a delight for those who use trend channels as a trading tool. Which probably means that at some point soon it will become choppy and trendless and frustrating, for an extended period.

Weekly chart suggests the market could target trend channel support just above 0.84. A break lower from the trend channel would indicate further and possibly accelerated declines, but of course trade the channel until it breaks.