Commodity currencies further sell off?

http://www.financemagnates.com| It's been a volatile period for commodity currencies. This week I'll be looking at AUD/USD NZD/USD, USD/CAD and Gold. AUD/USD completed a head & shoulders pattern with price breaking out of it's neckline. It's currently forming a potential bearish flag pattern that could yield further downside. NZD/USD is in a similar situation with a clear down trend on the weekly charts. Looking at the 4 hour chart, you see price respecting the area between 20 & 50 EMA which could provide a shorting opportunity. USD/CAD has been trading higher over the last 4 weeks and momentum is clearly to the upside. My bias for this is to go long. Gold is the shocker this week as it had a massive sell down early Monday morning. This is a prime example of why one must always have a stop loss when trading the markets. Because anything can happen. I wish you good luck and good trading, talk to you soon!

Comments

1. +Rayner Teo Excellent! Let me ask you something, for how long further do you see the AUD/USD going bearish? When do you think it'll turn and cause an opportunity to go up?