The Aussie dollar fell during the course of the session on Monday, but is still within the potential ascending wedge or possible ascending triangle that I’ve been looking at for some time. You can see that we have bounced off of the uptrend line, and as a result I feel that we are still stuck within the consolidation. However, the bounce isn’t that exciting to me at the moment, as there is plenty of volatility in the gold markets. Gold did okay during the session on Monday, but pulled back slightly. Silver markets got absolutely crushed though, after trying to rally so it appears there is a lot of indecision when it comes to commodities, and then by extension the Aussie dollar.
I believe that there is a cluster above that is going to cause quite a bit of trouble anyway, so this point in time I feel that it is probably best to simply sit on the sidelines.
