In my last article, I noted a possible top in the GBP/USD pair at the 1.62 level, and was possibly seeing a bearish trend start to setup. From 10/21: Within that up-trend, there is some failure occurring within the trend back up to its upper band.
Lately there has been a lot of discussion around if the Pound is topping out against the US Dollar. Looking at the Technicals on the GBP/USD Pair, it is currently within a defined uptrend channel since July, from 1.48, with a current top around 1.62.
Aussie versus the US Dollar is still on an uptrend since the end of August, from .89 to currently at .9472. Short-term immediate support at .9425, and could trade on the long side, with that level as a stop.
Between the Macro events occurring, and the Technicals, the pain trade seems to be lower for the US Dollar. The only bull case I could think of at the moment is that it seems that the sell the dollar trade is starting to get extremely heavy, triggering a short-term reversal.
Gold was off $10 on Monday, currently at 1322 (as of 430 PM EST). Using the 1200 low close and current bottom, Gold recently bounced directly off the 50% retracement level, at 1306, and met resistance at 23.6%, or 1365.
AUD vs. the USD is building a base that if can hold, should setup well for AUD bulls. The pair has made a mid-term bottom at the 90 handle, and within a week has rallied to .95.
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Currently at 98.95 (9/16 12PM EST), the Pair is spot on its 50 SMA (98.72), as well at its 38.2% Fibonacci retracement level of 98.83. Get the full analysis here.
Gold has had some wild Macro swings lately, between the Fed “Taper” and Geo-Political issues with Syria. Concentrating on the Technicals, the Precious metal is an important decision phase. Get the full analysis here.
A look at the technical indicators for USD/JPY without the distraction of fundamentals and macro will paint an interesting picture that is certainly worth looking at.
