AUDUSD looking for a bounce
The Australian dollar (AUDUSD) continued to struggle as the greenback gained more momentum.
- Prices remain pressured after breaking below 0.7000.
- Consecutive lower lows signal bearish momentum, which could continue to attract more sellers.
- 0.6900 is the next target, and its breach would expose multi-month lows.
- Profit-taking could drive the pair higher, but 0.7030 is the first hurdle to signal a recovery.
XAUUSD falls lower
Gold hit a heavy rejection as buyers failed to reclaim the 4% drop at the beginning of the week.
- A break below the daily support at 4150 has put bulls on the defensive.
- Bullion could head towards 4120 if price action remains bearish.
- 4210 has turned into fresh resistance.
- Only a close above 4300 would make a bullish rebound sustainable.
GER 40 tests major support
The index’s choppy price action continued after developing a double bottom.
- A combination of bargain hunting and buyers’ profit-taking has led to a 400-point drop.
- 25200 is now a critical floor to prevent the DAX from dropping below 25000.
- 25600 is the target higher to keep prices intact for a turnaround.
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