AUD/USD bounces off 0.6939 to attack 0.7000 but stays inside a four-day-old trading range. 200-HMA offers intermediate support, 61.8% Fibonacci retracement adds to the downside filters.
Yen remains a safe haven currency of choice as trade wars and the coronavirus play havoc risk apatite. Investors pin hopes on Gilead Sciences reporting that its antiviral drug Remdesivir recorded positive results in clinical trials.
Gold prices extend recoveries from $1,798.14, defies two-day losing streak. A seven-day-old bullish technical pattern, sustained trading beyond immediate support favor the buyers. 200-HMA offers additional downside support, bulls will cheer break of $1,811.60.
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Remember, if you can provide a logical structure for the change in trend and if there is evidence, even if very preliminary, then you are not picking tops and bottoms but choosing a new market direction.
"A cycle is a recognizable price pattern or movement that occurs with regularity in a specific time period"
"Advisory Opinion, comprised of arguments and trade ideas which have been committed to publication and therefore have an influence on the trading public,
"Have you ever read news updates mentioning Elliott Wave yet you don’t have a clue what these mean for the Forex?"
"Support and Resistance Lines conform the most basic analytical tools and are commonly used as visual markers to trace levels where the price..."
