We don’t expect a hike next week and we know Australia doesn’t like a high exchange rate though we can’t ignore technicals. So this is a trade where that is a technical setup with fundamentals that may come into play at a later stage. We have RBA next week. As mentioned, we don’t expect a hike though the RBA are not cutting either. The obvious caution is that we have the FOMC later so decide how you want to play it.


MM2 to MM4. Look at that stoch. If you are a Bull then this price is obvious support. 0.75 marks MM1 if we break lower.


MM2/ WM2 confluence with a double bottom. You are either waiting for the higher high or getting in on the double bottom. See H1


Support for the double bottom on H1 is 0.7650. Getting long here with a stop below WS1 seems logical. Keep FOMC in mind, adjust lot size accordingly.


We are in the bull monthly zone,


This has not setup yet. Two scenarios - price breaks resistance and an inverse head and shoulder pattern OR price comes down at resistance and double bottoms at MM2. (Note bears would want this to move lower 85.50 marks MM1)


So if the inverse head and shoulder then long at WM2?


MM3 - MM1


MM3/ WM4 confluence... Not saying sell this before BOE though keep an eye on WR2. Very likely for profit taking at BOE meeting. We don't expect Bulls to buy up here though make sure you have a setup on a lower time frame chart and that you are selling a reversal.

Gold Daily

MM2 - MM4. Plus role reversal support. Plus double bottom. Plus oversold stoch in trade zone.

Gold H4

WM2 up or MM2 up. H1 is setting up for WM2.

Gold H1

If you are a Bull WM2 is support.

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