The past week had strong trends in currencies and metals across the board.
As DXY broke down 94.50 long term support area and started gaining a downward momentum, all currencies received a boost against USD since the beginning of the week. Many trend setups emerged during the sharp move. European pairs benefited from the move the most, along with the JPY.
GBP, EUR and CHF had the particularly smooth price action.
Nothing holds the precious metals from rallying anymore. After choppy sideways of the last several weeks, gold broke out and offered beautiful trend setups with the intensive moves afterwards. Interestingly, gold and silver were breaking out, particularly around the beginning of the Asian session for three consecutive days.
The week has ended with the beginning of the correction move in USD around another long-term support area around 93. I suspect the breakdown in oil caused it.
In my opinion, next week we can expect some corrective bullish move in USD in the form of a ranging market or a bullish move.
If USD keeps declining below 92.5, I would expect another momentum move and will look for bearish trend setups in USD related pairs.
As DXY broke down 94.50 long term support area and started gaining a downward momentum, all currencies received a boost against USD since the beginning of the week. Many trend setups emerged during the sharp move. European pairs benefited from the move the most, along with the JPY.
GBP, EUR and CHF had the particularly smooth price action.
Nothing holds the precious metals from rallying anymore. After choppy sideways of the last several weeks, gold broke out and offered beautiful trend setups with the intensive moves afterwards. Interestingly, gold and silver were breaking out, particularly around the beginning of the Asian session for three consecutive days.
The week has ended with the beginning of the correction move in USD around another long-term support area around 93. I suspect the breakdown in oil caused it.
In my opinion, next week we can expect some corrective bullish move in USD in the form of a ranging market or a bullish move.
If USD keeps declining below 92.5, I would expect another momentum move and will look for bearish trend setups in USD related pairs.