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May 23, 2013
AUD/USD correlated to poor Chinese performance
With AUD/USD values effected by the slower performance of the Chinese economy, and with the USD outperforming yet again on risk aversion play, a dovish RBA is allowing the pair to plummet to record new lows this year to 0.9592 within a support band of 0.9640 and 0.9580 (2012 low)
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May 23, 2013
Commodities Brief – Precious metals edging higher after yesterdays shakeup, crude moves towards 92.82 support
Gold prices were in for quite an afternoon yesterday, with the Bernanke testimony creating waves in commodity markets. While the yellow metal breached the 1400 level – albeit temporarily – the price eventually eased back lower, paring all of its gains by sessions end. Thursday, gold prices dipped towards the initial support at 1360.00, however ultimately failed to break it to rebound again, completing a double bottom over the hourly time interval. The next upside target lies at the 1400.00 resistance/barrier, on a break above 1400.00, a movement seems plausible towards the 1445.00 handle. In these moments, the price of gold is trading at USD $1390.78 per oz.
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