AUDUSD closed the week above 0.7124 with an improving situation in Victoria as Covid 19 cases reducing this week, the US index still has work to do in order to get through 93.44 which would be a signifanct level.
I have a bullish thesis on gold although it could defintely have a sell off if it can’t hold above 1939. Both the EURUSD & GBPUSD are in a similar situation with these pairs closing at near support levels, the EURUSD offered more signs of bullish activity with how the daily candle closed.
The focus will be on the DXY and if it can get through 93.44 and close above this level with conviction. AUDNZD will also be on my watch list to get long if it can close above 1.09623 on the daily time frame, this will be on my radar on Monday night to see how it behaves in the US session.
I’ll be updating next on Monday night with an update video and article, hope everyone is having a great weekend.
Currenty Monday has offered no trading set ups for my system I will need to see more selling pressure to encourage going long against the USD. The longer the DXY stays in this range the more things remain unclear in regards to an entry on the AUDUSD, EURUSD & GBPUSD until we see a break either to the upside or down side.
AUDUSD 21 08 2020
US index 21 08 2020
AUDNZD 21 08 2020
XAUUSD 21 08 2020
EURUSD 21 08 2020
GBPUSD 21 08 2020