AUDUSD (The Australian dollar) remains choppy
AUDUSD (The Australian dollar) remained choppy as consumer confidence jumped out of negative territory.
• As the pair searches for a recovery to the previous swing high at 0.6980, a bearish RSI divergence could signal a halt to the potential rally.
• 0.6960 is the first level to expect some resistance after the recent announcement.
• Further down, 0.6880 at the bottom of the latest bounce is the first layer of support if price action turns around.
• A full reversal can take shape back towards 0.6840 if bears remain in the market.
XAUUSD steadily sinking
Gold continues to be pressured as price action looks to break through the 4000 level.
• On the chart, the metal continues to grind lower after dropping over $100 in just a few short sessions.
• Bulls will need to lift 4120 and then 4190 to make the rebound count.
• Otherwise, renewed selling could send the price below 3930.
UK100 finding support
The index market across the board looks for a reprieve as energy prices are expected to rise.
• The FTSE 100 hit another low after last week’s sell-off.
• 10350 is a key level to keep the index afloat, as its breach could trigger a further continuation lower.
• Bulls will need to clear 10600 to put the index back on track as the RSI moves away from the oversold area, potentially causing a bullish divergence in the process.
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